What’s new: The Communist Party’s top anti-graft watchdog Thursday vowed to “resolutely” fight against corruption in the financial sector, signaling a continued crackdown on financial misconduct.
In an article (link in Chinese) on its website, the Central Commission for Discipline Inspection (CCDI) pledged to strengthen efforts to combat industrywide and systematic corruption, focusing on areas where power, funds and resources are highly concentrated, such as finance, state-owned enterprises and the grain trade.
Inadequate implementation of policies to serve the economy with financial services and defuse risks, as well as neglecting regulatory responsibilities, will be investigated and punished, the CCDI said.
The graft buster highlighted corrupt practices such as shadow shareholders, the public-private revolving door and resignations to avoid investigation. It urged the industry to correct the mindset of worshiping financial elites.
“We must maintain a strict tone, strict measures and a strict atmosphere without relaxation and more effectively contain new corruption while eliminating existing corruption,” the CCDI said.
The context: The CCDI’s statement came as speculation mounted that regulators are strengthening the graft crackdown on the financial sector.
Earlier this month, Bao Fan, one of the most prominent investment bankers in China, went missing, rattling the country’s corporate scene.
The financial sector has become the focal point of China’s anti-graft campaign over the past few years. Over the past year, several financial regulatory officials and senior executives have been brought down on corruption allegations.
Contact reporter Han Wei (weihan@caixin.com) and editor Bob Simison (bob.simison@caixin.com)
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