Ex-Chinese official, securities regulator sentenced to death for corruption

Tong Daochi was handed down the sentence, with a two-year reprieve, for bribery and insider trading

He was a senior official in Hainan and is also the former vice head of the CSRC’s issuance department

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Tong Daochi, the former party chief of Sanya, stands trial at a Shenzhen court in January. Photo: Xinhua

Published: 10:31pm, 2 Jun 2022Updated: 12:36am, 3 Jun 2022

Tong Daochi, a former senior official in China’s southern Hainan province and an ex-securities regulator, was sentenced to death for bribery and insider trading, with a two-year reprieve, according to state media.

Tong, also former Communist Party secretary in the Hainan city of Sanya, received bribes worth 274 million yuan (US$41 million) between 2004 and 2020, official news agency Xinhua reported on Thursday.

When Tong was vice head of the issuance department at the China Securities Regulatory Commission (CSRC) in 2006 and 2007, he obtained 3.38 million yuan of illegal profit through insider trading, the report said.

The reprieve means the sentence could be commuted to life imprisonment or to a fixed term at the end of the two years if he is not convicted of further crimes or has performed “meritorious service”.

Tong joined the CSRC in 2000 after stints at the World Bank and the Rand Corporation, the US public policy think tank.

Tong Daochi obtained 3.38 million yuan of illegal profit through insider trading while he was vice head of the China Securities Regulatory Commission’s issuance department. Photo: Simon Song

Tong, who graduated from Peking University, holds a master’s degree in public administration from Canada’s Carleton University, and a PhD in policy analysis from the Rand Graduate School.