China punishes 3 top financial veterans in one day

According to Apollo News, Beijing hit three banking veterans in one day, speeding up its crackdown on finance. This move comes before the 20th National Congress of the Communist Party of China (CCP).

Banking executives under Beijing’s investigation include Tian Huiyu, former secretary of the party committee and president of China Merchants Bank; Han Fenglin, former risk director of Shenzhen Branch of China Construction Bank; and Jiang Yunming, Fujian Provincial Financial Investment Corporation Deputy General Manager.

China’s top anti-graft body reported separately that all of them were arrested for investigation on the same day, April 22. They are suspected of serious violations of discipline and law.

Current affairs commentator Lan Shu once told The Epoch Times that Xi Jinping is preparing for his third term. At the 20th National Congress, he will definitely promote his own people. Xi’s main reason for rectifying the financial sector at this time is to protect the people he wants to promote.

Yuan Hongbing, a scholar in Australia, told The Epoch Times that the 20th National Congress involves a major political struggle. A large number of officials in the CCP’s financial system will be purged before that.

The anti-corruption body also said that in the first quarter of this year, 143,000 cases were under national discipline inspection and supervision, higher than the figures for 2020 and the first quarter of 2021.

16 provincial-level cadres got the punishment, compared to only 10 and 5 in 2020 and 2021, respectively, in the same period.

In recent years, Beijing has tightened its grip on such sectors as technology, finance, private tutoring, entertainment, real estate, etc. Experts said the move sends foreign investors a skeptical signal about China’s investment environment.

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