News Regulations07 Nov 2018

China:Anti-graft teams to be stationed at centrally managed financial institutions

| 07 Nov 2018

The National Supervisory Commission of the Communist Party's top anti-graft body, the Central Commission for Discipline Inspection (CCDI), will station anti-corruption teams in the offices of 15 of the country's centrally controlled financial institutions.

The financial institutions, which include insurers, are:

Insurance 

China Life Group, PICC, Taiping Insurance Group, China Export Credit Insurance Corporation

Banking

China Development Bank, China Exim Bank, China Agricultural Development Bank, Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications

 

Financial holdings & Investments

China Investment Corporation, CITIC Group, China Everbright Group


On 2 November, Zhao Leji, CCDI secretary, said at a meeting that the Commission would "organise the despatch of discipline inspection teams to centrally managed financial institutions in an orderly manner", according to a report in Economic Observer. The teams would promote the reform of the discipline management and inspection system of the institutions.

He said that the teams represent a bid by the CCDI to curb corruption in giant state-owned financial groups.

Earlier, the Xinhua News Agency reported on 30 October that the General Office of the Central Committee of the Communist Party of China had issued a circular titled "Opinions on Deepening Reform through External Deployment of the National Supervisory Commission of the Central Commission for Discipline Inspection".

Previously, the central authorities had relied on the internal disciplinary systems of the centrally managed entreprises and institutions, that were also checked by CCDI inspection teams. These teams were not based permanently at the targeted entreprises and institutions.

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