News eDaily12 Oct 2017

China:CIRC has new Party disciplinary chief

12 Oct 2017

China's Communist Party has named a new top official to lead the anti-corruption unit at the insurance regulator, CIRC, reported Reuters.

Mr Lin Guoyao, a former municipal official in the coastal province of Fujian, has been appointed chief of the Party Disciplinary Commission at the CIRC, according to an official online statement.

Mr 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 city, his immediate recent position.

The Party has also appointed Mr Li Xinran, 45, as head 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.

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

Xiang, the highest-ranking financial regulator being investigated for graft to date, was expelled from the Communist Party last month after the CCDI said he had "committed serious violations of political discipline and rules" in order to serve personal political interests. He has been turned over to prosecutors to face criminal charges. His previous positions before CIRC included serving as chairman of state-owned Agricultural Bank of China, one of the country's top four commercial lenders.


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