The Central Committee of the Communist Party: Efforts to combat corruption in state-owned enterprises and the financial sector must be intensified, and addressing the “four vices” should be deepened

The Politburo of the Communist Party of China

The Political Bureau of the Communist Party of China (CPC) held a meeting on September 27 to review a comprehensive report on the first round of inspections during the CPC’s 20th Central Committee term. General Secretary Xi Jinping presided over the meeting. The meeting emphasized leveraging the outcomes of the inspections to further strengthen the Party’s overall leadership, urging inspected organizations to enhance their political awareness and diligently fulfill responsibilities entrusted by the CPC Central Committee. It also stressed continuously strengthening the core functions and competitiveness of state-owned enterprises, solidifying the essential material and political foundations of socialism with Chinese characteristics, increasing the efforts of financial institutions in serving the real economy and national strategies, and promoting high-quality development. The meeting called for balancing development and security, establishing a baseline and extreme mindset, taking effective measures to prevent and resolve major risks, and firmly safeguarding the safety bottom line. It urged advancing the comprehensive and strict governance of the Party, tightening responsibility for Party committee secretaries as primary responsible persons, implementing “one post, two responsibilities” for members of leadership bodies, strengthening oversight responsibilities of disciplinary and supervisory organs, and intensifying supervision over leading figures at all levels. Efforts should be increased to combat corruption in state-owned enterprises and the financial sector, address issues related to “formality over substance,” and promote integrated prevention and cure through case-driven reform. The meeting also emphasized implementing the Party’s organizational principles for a new era, strengthening leadership team construction, cadre and talent development, and grassroots party organization building. It called for comprehensively utilizing the results of inspections to deepen reforms, improve systems, advance source governance, and achieve both fundamental and immediate improvements. (Xinhua)

• Former Party Secretary and Chairman of China Bank, Liu Liange, Expelled from the Party Amidst Significant Financial Risks

According to the website of the Central Commission for Discipline Inspection and National Supervisory Commission, with the approval of the Communist Party of China Central Committee, Liu Liange, former party secretary and chairman of Bank of China, is under investigation for serious violations of discipline and law After investigation, Liu Liange lost his ideals and beliefs, abandoned his original aspirations and mission, failed to resolutely implement the decisions and plans of the Party Central Committee, neglected his responsibilities in financial risk prevention and control, extensively interfered with credit projects in violation of regulations, illegally disbursed loans, creating major financial risks. He performed poorly in fulfilling the principal responsibility for strict governance on all fronts, severely damaged the political environment within his unit, secretly brought prohibited publications into the country, and deliberately resisted organizational inspections. He disregarded the spirit of the Central Eight-Point Regulation, accepting gifts and cash, entering private clubs, and receiving ski and travel arrangements; he long-term borrowed vehicles belonging to those he managed. He failed to report personal matters as required, provided false information during organizational inquiries, and improperly appointed, adjusted, or promoted cadres. He engaged in commercial activities illegally, intervened in lending and borrowing against regulations, and retained classified materials. His morals were corrupt, his family conduct was improper, and he failed to properly guide and educate his relatives. Demonstrating no legal bottom line, he abused his power for personal gain, “profiting from the financial sector,” using his position to seek benefits for others in areas such as loan financing and project cooperation, and illegally accepting large sums of money and property.

Liu Liange seriously violated political, organizational, integrity, work, and lifestyle discipline. His actions constituted serious official misconduct and involved suspected bribery and illegal loan disbursement crimes. He showed no signs of restraint or correction after the 18th National Congress of the Communist Party of China, demonstrating a severe nature and detrimental impact. In accordance with regulations including the “Disciplinary Action Regulations of the Communist Party of China,” the “Law on Supervision of the People’s Republic of China,” and the “Regulations on Administrative Punishment of Civil Servants,” following deliberation by the Standing Committee of the Central Commission for Discipline Inspection and approval by the Communist Party of China Central Committee, it was decided to impose the disciplinary action of expulsion from the Party. His entitled benefits will be revoked; his delegate status for the 20th National Congress of the CPC is terminated; all gains from his violations and crimes will be confiscated; and the suspected criminal cases have been transferred to the procuratorial organ for legal review and prosecution, along with related assets.

• Li Xiaopeng, former Party Secretary and Chairman of China CITIC Group, has been removed from his party membership and public office due to serious violations of discipline and law. (CCTV News)
• Li Zhi, former Party Secretary and Chairman of Guizhou Bank, is currently under disciplinary review and investigation by the Guizhou Provincial Supervisory Commission due to suspected serious violations of discipline and law

Huijin increases its stake in the four largest banks after eight years

On October 11th, China’s four largest state-owned commercial banks – Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, and Construction Bank – announced that Huijin Capital increased their holdings by 27.61 million shares, 37.27 million shares, 24.89 million shares, and 18.38 million shares respectively; Huijin Capital plans to continue increasing its stake in the four banks on the secondary market within the next six months