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New appointments have fuelled speculation that President Xi Jinping’s crackdown on corruption in the financial sector could escalate. Photo: AFP

China names new leaders of anti-corruption agencies at financial regulators

Appointing of new top corruption agency officials comes as Communist Party makes final preparations for a twice-a-decade party congress later this month

China’s Communist Party has named new top officials to lead anti-corruption agencies at the country’s banking and insurance regulators as it makes final preparations for a twice-a-decade party congress later this month.

Lin Guoyao, a former municipal official in the coastal province of Fujian, has been appointed chief of the party disciplinary commission at the China Insurance Regulatory Commission, according to an official online statement released late on Tuesday.

Lin, 51, spent 31 years working in the southern province, rising to the post of vice-mayor in the city of Xiamen before being appointed party secretary of Longyan.

Li Xinran, 45, has been named chief of the party disciplinary commission at the China Banking Regulatory Commission. He worked for 22 years at the Central Commission for Discipline Inspection (CCDI), China’s top anti-corruption watchdog.

China is making final preparations for a twice-a-decade Communist Party congress later this month. Photo: AFP

Mainland financial news outlet Caixin reported that during his time at the CCDI, Li had taken part in the netting of “big tigers”– or very senior officials – such as Bo Xilai and Sun Zhengcai. Bo and Sun both were former party chiefs of Chongqing and sat on the 25-member decision-making Politburo at the time of their downfall.

The new appointments have fuelled speculation that President Xi Jinping’s crackdown on corruption in the financial sector could escalate after the campaign put China’s former top insurance regulator Xiang Junbo and some big tycoons under investigation.

Citing a source close to the graft-busters at the financial regulators, Caixin reported that after the appointments the anti-corruption agencies led by Lin and Li “will certainly” launch new investigations into some incumbent and former officials at the two regulatory commissions. Some financial institutions and their people in charge might also be implicated, the report said.

Xiang, the highest-ranking financial regulator being investigated for graft to date, was expelled from the party last month after the CCDI said he had “committed serious violations of political discipline and rules” to serve personal political interests.

This article appeared in the South China Morning Post print edition as: Regulators get new anti-graft supremos
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