China beefs up anti-corruption drive in financial sector

New officials appointed to lead efforts to root out corruption

China beefs up anti-corruption drive in financial sector

Insurance News

By Gabriel Olano

The ruling Chinese Communist Party has appointed new officials to lead the anti-corruption committees of the country’s insurance and banking regulators, in the lead-up to a major Party congress this month.

Lin Guoyao was appointed head of the Party Disciplinary Commission at the China Insurance Regulatory Commission (CIRC), according to an online statement released by the government.

The 51-year-old Lin was an official of Fujian Province for 31 years, holding various posts, including vice mayor of Xiamen City and most recently, party secretary of Longyan city.

Meanwhile, Li Xinran, 45, will assume the same role at the China Banking Regulatory Commission (CBRC). He spent 22 years at the Central Commission for Discipline Inspection (CCDI), the national-level anti-corruption body.

The new appointments are part of the government crackdown on corruption activities, with President Xi Jinping at the helm. The sweep of the financial sector led to the expulsion of former CIRC chairman Xiang Junbo from the Communist Party, after an investigation by the CCDI found that he had “committed serious violations of political discipline and rules”.

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