Chinese Banking Officials Under Corruption Investigation in Xi Jinping’s Anti-Corruption Campaign

Chinese banking officials, including Zhang Hongli, the former vice president of ICBC, are currently under investigation as part of President Xi Jinping’s extensive anti-corruption campaign. The Central Commission for Discipline Inspection is looking into Hongli for serious disciplinary and legal violations, as revealed recently.

In addition to Hongli, other prominent figures in the financial sector have also been targeted. Liu Lian’ge, the former chairperson of the Bank of China, was arrested on charges of bribery and illegal loan granting. Similarly, Li Xiaopeng, the former leader of Everbright Group, was expelled from the Communist Party and public service due to various misconducts. These infractions include accepting money and gifts, violating policies, obstructing his own investigation, accepting bribes, holding illegal stakes in non-listed companies, and misusing his power for personal gain.

These investigations are part of a larger initiative by President Xi Jinping to address financial risks and foster a financial system that aligns with Chinese characteristics. This effort is viewed as a means to promote clean governance and may also serve as a tool for political purges. Amidst China’s fragile recovery from the Covid-19 pandemic, which is hindered by weak consumer spending and an ongoing housing crisis, the National Financial Work Conference has stressed the importance of strengthening financial oversight.