China places former deputy of top financial regulator under investigation
Fang Xinghai, former vice-chairman of China Securities Regulatory Commission, is latest financial official to be probed by anti-corruption body
China has placed one of its top former financial regulatory officials under investigation, the nation’s main anti-corruption body announced on Friday.
Fang Xinghai, former vice-chairman of the China Securities Regulatory Commission (CSRC), is suspected of “serious legal and disciplinary violations” – a euphemism for corruption and abuse of power – and is currently being investigated, China’s Central Commission for Discipline Inspection (CCDI) said in a statement.
The 62-year-old, who held the regulatory position from October 2015 to July 2024, is the latest in a string of senior financial cadres to be targeted by China’s disciplinary authorities.
The announcement comes as China strives to stabilise its stock market, with state agencies launching a coordinated effort to buy up stocks to arrest a decline in the market earlier this week.
Fang, who graduated with a doctorate in economics from Stanford University, worked as an economist for the World Bank early in his career. He was one of several senior financial cadres who returned to China in the late 1990s.
Before moving to the CSRC, Fang held a senior position in the Shanghai Stock Exchange and also oversaw Shanghai’s financial work office. He was one of the city’s main liaisons for communicating with foreign investors.