(Yicai Global) June 15 --  China's former head of insurance authority and vice president of the country's central bank has gone on public trial regarding graft charges under which he allegedly took CNY19.42 million (USD3 million) worth of bribes during his long career in state-affiliated institutions.

Xiang Junbo, former chairman of the China Insurance Regulatory Commission, stood trial in the city of Changzhou, in eastern Jiangsu province yesterday, state-backed Xinhua News Agency reported.

Prosecutors accused Xiang of abusing his position to help some organizations and individuals with project contracting, case handling, loan issuance, qualification reviews, and personnel promotion.

Xiang served in several high positions across public and political sectors from 2005 to 2017 as the vice president of the People's Bank of China, president and chairman of the Agricultural Bank of China, and most recently as the party secretary and chairman of CIRC. 

Xiang pleaded guilty in court with a ruling expected at a later date.

Editor: Emmi Laine