Published On: Wed, Oct 13th, 2021
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China Launches Anti-Graft Campaign in Finance Sector Amid Economic Woeson October 13, 2021 at 11:05 pm

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As China’s economy grapples with debt-saddled Evergrande and a worsening power crisis, the Chinese Communist Party (CCP) is tightening its anti-corruption efforts against state-owned banking and insurance institutions. Beginning on Oct. 10, the Central Commission for Discipline Inspection (CCDI) dispatched special teams to 25 state-backed organizations in the financial sector for roughly two-month inspections, according to a series of statements on its official website. “Inspections are political supervision,” Zhao Leji, head of the CCP’s anti-corruption body, openly said at the meeting on Sept. 26 for mobilizing and deploying teams for the new round of inspections, state-backed news agency Xinhua reported. Inspectors will “thoroughly examine” any “political deviations” among party leaders of each organization, urging them to strengthen the party’s leadership over financial work, Zhao said. The 25 financial institutions that are under scrutiny include the country’s banking and insurance regulators, stock exchanges, major state-owned banks, and asset management and insurance …

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