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more than half a year after he was reported to have lost contact, officials announced that li quan had been expelled from the party.

according to the website of the central commission for discipline inspection and the national supervisory commission, the central commission for discipline inspection and the national supervisory commission launched a case review and investigation into li quan, former party secretary and chairman of xinhua life insurance co., ltd., for serious violations of discipline and law.

after investigation, li quan lost his ideals and beliefs, deviated from his original intention and mission, and resisted organizational review; ignored the spirit of the eight central regulations and repeatedly accepted banquets that may affect the fair execution of official duties; violated organizational principles and illegally sought benefits for others in the employee recruitment process; accepting gifts and money in violation of regulations, taking advantage of the convenience of working in state-owned financial institutions to engage in profit-making activities, illegally taking part-time jobs and receiving excessive salaries; having no bottom line in discipline and law, unscrupulously "relying on finance to eat finance", engaging in power-for-money transactions, and taking advantage of the convenience of position to benefit others seeking profits in business operations and obtaining investment opportunities, and illegally receiving huge amounts of property; wantonly embezzling public property, causing heavy losses to the interests of the country and the people.

li quan seriously violated the party's political discipline, organizational discipline and integrity discipline, which constituted a serious official violation and was suspected of corruption and bribery crimes. he did not restrain himself or stop after the 18th national congress of the communist party of china. the nature is serious and the impact is bad, and he should be severely punished. deal with. in accordance with the "disciplinary punishment regulations of the communist party of china", the supervision law of the people's republic of china, and the law of the people's republic of china on administrative punishments for public servants, after deliberation at a meeting of the standing committee of the central commission for discipline inspection, it was decided to expel li quan from the party; his enjoyment will be revoked in accordance with regulations. treatment; confiscate his illegal gains; transfer his suspected criminal issues to the procuratorate for review and prosecution in accordance with the law, and transfer the property involved.

in april this year, rumors that li quan had lost contact circulated in the industry. li quan retired as chairman of xinhua insurance in august 2023. he was also the other former chairman of xinhua insurance to be dismissed after wan feng. unlike life insurance veteran wan feng, li quan has been responsible for the investment field for a long time.

public information shows that li quan graduated from the renmin university of china in 1985 and graduated from the graduate school of the people's bank of china in 1988.

his resume shows that li zhong started his career in china rural trust and investment company and began to be involved in investments in 1991. from 1991 to april 1998, he served as the general manager of the capital department of cp international finance co., ltd. and the assistant to the general manager of the company; from may 1998 to march 2010, he served as the deputy general manager, executive deputy general manager and deputy party secretary of boshi fund.

in 2010, li quan ushered in an important turning point in his career. at that time, he transferred from public funds to the insurance asset management field, and began to serve as the president of xinhua asset management co., ltd., and then entered the xinhua insurance system until his retirement, which lasted for more than 13 years.

in june 2019, li quan was appointed ceo and president of new china insurance. in september 2022, he was elected as chairman of new china insurance. until his retirement in august 2023, he served as secretary of the party committee of new china insurance.