China‘s anti-corruption drive turns to financial sector

Sep 18, 2015, 08:30 am

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By Hong Soon-do, Beijing correspondent, AsiaToday - Chinese President Xi jinping's anti-corruption campaign is expected to hit the country's financial sector following the consistent crackdown on political, and military sectors. In short, Chinese authorities will be extending its anti-corruption crackdown deeper into the financial industry.

Such outlook is not an exaggeration considering the Sept. 17 reports of the Communist Party-run People's Daily's overseas edition. The newspaper clearly revealed that the flag of anti-corruption war against financial irregularities is going up. In addition, the newspaper introduced in detail about senior finance officials who have been recently arrested.

The financial sector has been out of the crackdown's boundary since it being field of specialization. However, things have changed now. Most of all, a considerable number of experts are included in the Central Commission for Discipline Inspection and other inspection agencies. Besides, the seriousness of China's financial irregularities has been detected recently. Such situation was evidently seen in the tumbling stock market. It was revealed that several stock market officials including a senior official at the China Securities Regulatory Commission were involved in various financial irregularities, such as insider trading and bribe-taking.

Zhang Yujun, deputy chairman of China Securities Regulatory Commission (CSRC), has been arrested for severe violation of disciplines. It clearly shows that Chinese authorities will extend its anti-corruption drive to financial sector./ Source from People's Daily's overseas edition

In fact, there are many high ranking officials who have been accused of illegal activities. Zhang Yujun, deputy chairman of China Securities Regulatory Commission, was placed under investigation for 'severe violation of discipline. He is allegedly engaged in insider trading of stocks. Chen Boming, president of China's largest investment bank Citic Securities, and other executives were also placed under investigation on allegations connected to insider trading.

Looking at the current situation, China's crackdown on financial irregularities is likely to intensify in the future. In particular, market-related corruption that can make retail investors shed tears is highly likely to be cracked down. 

#China #anti-corruption #stock market #Zhang Yujun 
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