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source: huabo business review

on august 30, an administrative penalty information disclosed by the beijing regulatory bureau of the state financial supervision and administration showed that the beijing branch of china guangfa bank was fined 500,000 yuan for inadequate employee behavior management. ma li, then president of the beijing jingguang branch of china guangfa bank, was banned from working in the banking industry for life.

just because of inadequate employee behavior management, the president was banned from the industry for life. obviously, the branch's violations were serious. just two days after the fine, the central commission for discipline inspection and the national supervisory commission announced on their website that shao min, deputy general manager (in charge of work) of the beijing regional audit center of china guangfa bank, was suspected of serious violations of discipline and law and was currently under disciplinary review by the central commission for discipline inspection and the national supervisory commission's discipline inspection and supervision group stationed at china life and an investigation by the tianjin municipal supervisory commission.

all signs indicate that china life is at the center of the anti-corruption storm. on april 17 this year, the third round of inspections by the 20th central committee entered china life, and is currently in the stage of announcing the inspection feedback.

however, since the beginning of this year, two middle and senior managers of china life-affiliated guangfa bank have been investigated, namely liu yujuan, member of the party committee and deputy president of guangfa bank shijiazhuang branch, and shao min, deputy general manager (in charge of work) of guangfa bank beijing regional audit center. in addition, two other senior executives, qi yan, supervisor of guangyin wealth management, and chen junhui, president of guangfa bank urumqi branch, were announced to be expelled from the party and removed from office.

in fact, two years ago, the china life insurance group had already launched an anti-corruption storm, and china guangfa bank became the focus of "care". according to statistics, in the past three years, more than 10 senior executives of china guangfa bank have been dismissed. they include wang bin, the former chairman of china guangfa bank, wang guizhi, the former chief supervisor, qiao yuliang, the director of the party committee inspection office, lv shengnan, the former assistant general manager of the credit card center, fang qi, the former member of the party committee, zhao yong, the former president of tianjin branch, yang hua, the former president of shenyang branch, and qi yan, the former chief supervisor of guangyin wealth management. according to media reports, dong jianyue, the former chairman of china guangfa bank, was taken away by relevant departments and a case was filed.

china life itself was also found to have many corrupt executives. in 2023, mei jianya, general manager of zhejiang branch of china life pension insurance co., ltd., and fei jianxiang, director of property insurance business, were investigated. in march this year, liu anlin, former president of china life property insurance co., ltd., was investigated.

judging from the illegal and disciplinary violations reported and investigated, these dismissed executives generally have problems such as "living off finance", "trading power for money", "illegally interfering in corporate credit approval", and "accepting huge bribes".

as a basic industry related to the national economy and people's livelihood, the illegal and disorderly behavior of a large number of senior executives in the financial sector has seriously disrupted the healthy development of the national economy. judging from the cases investigated in recent years, many senior executives hold high positions and the amount of money involved is staggering. xu chaofan, xu guojun, lai xiaomin and others are not to be mentioned. the big scoundrels exposed since last year alone include sun deshun with more than 979.5 million yuan, fan yifei with more than 386 million yuan, and tian huiyu with more than 210 million yuan. these senior executives are in high positions, affecting the implementation of the country's major policies and policies, and directly endangering the country's economic and financial security.

in this regard, the second plenary session of the 20th central commission for discipline inspection has clearly called for "deepening the rectification of corruption in areas such as finance, state-owned enterprises, politics and law, where power is concentrated, capital is intensive, and resources are rich, as well as in industries such as grain purchase and sales" and "resolutely cleaning up industry-wide, systemic, and regional corruption with major risks."

since the central inspection team launched regular inspections of the party organizations of national financial institutions in 2021, corrupt executives have been dismissed one after another. according to statistics, the number of people under investigation in the financial system reached 77 in 2022; in 2023, the website of the central commission for discipline inspection and the national supervisory commission disclosed that at least 89 financial system cadres were investigated. among them, there were 8 central-level cadres, 64 cadres from the central-level party and state organs, state-owned enterprises and financial institutions, and 17 provincial-level cadres.

since 2024, the anti-corruption campaign in the financial sector has been under high pressure, with at least 71 people investigated by the end of august. in the past august, at least 10 people in the financial system were investigated, including 7 cadres from the central-level party and state organs, state-owned enterprises and financial institutions, and 3 provincial-level cadres. the anti-corruption campaign in the financial sector has entered a deep water zone.