China Looks Set to Tackle Credit Sector Corruption for First Time
Song Yikang
DATE:  Jan 15 2018
/ SOURCE:  Yicai
China Looks Set to Tackle Credit Sector Corruption for First Time China Looks Set to Tackle Credit Sector Corruption for First Time

(Yicai Global) Jan. 15 -- Anti-corruption efforts in China's credit sector will be a priority this year for the first time, according to the 19th Central Commission for Discipline Inspection.

There is an urgent need to tackle graft in cases that involve interest groups intertwined with political and economic issues, it said in the communique for its second plenary meeting, released on Jan. 13. The commission will also seek to crack down on corruption in such areas as hiring, regulation, resource development and financing.

The 18th commission did not mention financing in its statement  in 2017. The addition this year is a sign that China's anti-graft campaign has become even more thorough, market analysts said. China appears to have shifted its focus to the banking sector, which is 80-percent made up of indirect financing, they added.

Chinese President Xi Jinping has been leading the charge against corruption since 2012. His high-profile crusade seeks to combat graft within the party, military and state-owned companies. The campaign led to the punishment of 527,000 bent officials last year, the CCDI said.

China Banking Regulatory Commission last year took on two new officials who are known for their tough approach to corruption. Li Xinran, former director of the 7th Discipline Inspection Office under the CCDI, replaced Du Jinfu in October and became chief of the Party disciplinary commission for the banking regulator.

In December, CBRC's website listed Zhou Liang as a vice chairman. Before joining the regulator, Zhou was deputy general secretary for the CCDI and director of its organization department.

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Keywords:   Banking,Corruption,Graft,Credit,CCDI