The Central Committee of the Communist Party of China: will intensify anti-corruption efforts in state-owned enterprises and the financial sector, and thoroughly rectify “the four prevailing tendencies.”

Communist Party of China Central Politburo

The Political Bureau of the Central Committee of the Communist Party of China held a meeting on September 27, reviewing the Comprehensive Report on the First Round Supervision of the First Session of the Twentieth Party Congress. Xi Jinping, General Secretary of the Communist Party of China, chaired the meeting. The meeting emphasized that the supervision and oversight work should be used as an opportunity to further strengthen the leadership of the Communist Party in all aspects, urging supervised party organizations to raise their political stance, conscientiously fulfill the responsibilities and missions assigned by the Central Committee, continuously enhance the core functions and competitiveness of state-owned enterprises, consolidate the important material and political foundations of socialism with Chinese characteristics, intensify financial institutions’ service to the real economy and national strategies, and promote high-quality development. It was stressed to coordinate development and security, firmly establish bottom-line and limit thinking, adopt effective measures to prevent and mitigate major risks, and safeguard the safety line. It was also necessary to advance comprehensive Party self-discipline to greater depths, consolidate the responsibility of the secretary of the党委 (party committee) as the first person, strengthen the responsibilities of leadership committees members “dual duties in one position,” and enhance the supervision responsibilities of disciplinary and supervisory organizations, highlight strengthening supervision of all levels’ “one leader”, intensify anti-corruption efforts in state-owned enterprises and financial sectors, deeply rectify “four prevailing styles,” deepen reform, improve systems, promote source governance, and facilitate treatment of problems comprehensively. (Xinhua)

• Creating Major Financial Risks! Liu Liange, former Party Secretary and Chairman of China Merchants Bank, has been expelled from the Communist Party. According to the website of the Central Commission for Discipline Inspection and Supervision, with the approval of the Communist Party of China, the Central Commission for Discipline Inspection and Supervision initiated an investigation into Liu Liange’s serious violation of disciplinary and illegal acts as the former Party Secretary and Chairman of China Merchants Bank Co., Ltd.

Upon investigation, Liu Liange lost his ideological conviction, betrayed his original mission, was firm and resolute in implementing the decisions and plans of the Communist Party Central Committee, failed to guard against financial risk prevention responsibilities, recklessly intervened in loan projects and issued loans illegally, causing major financial risks, was ineffective in fulfilling his role as the main body of comprehensive self-discipline of the Party, seriously damaged the political ecology of his unit, privately brought prohibited books into the country, plotted against organizational scrutiny; ignored the spirit of the Eight Rules, accepted gifts and valuables illegally, visited private venues, and received skiing and tourism arrangements; failed to report personal matters in accordance with regulations, did not truthfully explain when questioned by the organization, showed favoritism in appointing and promoting personnel; violated regulations regarding commercial operations; illegally interfered with capital lending, secretly retained confidential materials; was morally corrupt, had an improper family style, failed to properly manage his relatives and educate them; lacked a bottom line of discipline and law, abused power, “ate from finance,” used his position for the benefit of others in loan financing, project cooperation, and illegally accepted huge amounts of money.

Liu Liange seriously violated the Party’s political conduct, organizational conduct, integrity conduct, work conduct, and lifestyle conduct, constituted serious disciplinary violations and was suspected of criminal offenses related to illegal loan issuance and fraud, and did not curb or restrain himself after the 18th Party Congress, had a severe and adverse impact, warranted serious handling. In accordance with relevant provisions of the Disciplinary Punishment Code of the Communist Party of China and the Law of the People’s Republic of China on Supervision, and after deliberation by the Central Commission for Discipline Inspection and Supervision Committee and approval by the Communist Party of China, it was decided to expel Liu Liange from the Communist Party with a dismissal sanction; cancel his benefits in accordance with regulations; terminate his representation in the Nineteenth National Congress; recover illegally obtained income; transfer his suspected criminal issues to the Public Prosecutor’s Office for investigation and prosecution, and related property to be transferred to the Public Prosecutor’s Office.

• Li Xiaopeng, former Party Secretary and Chairman of China Everbright Bank, has been expelled from the Communist Party and public office due to serious violations and illegal acts (CCTV News).

• The website of the Central Commission for Discipline Inspection and Supervision reported: According to a report from the Guiyang Municipal Committee of the Communist Party of China, Li Zhi Ming, former Party Secretary and Chairman of Guiyang Rural Commercial Bank, was suspected of serious violation of discipline and law and is currently under investigation by the Guiyang Municipal Committee of the Communist Party of China.

After an Eight-Year Hiatus, Huijin Boosts Holdings in Four Major Banks

On October 11th, Industrial Bank, Agricultural Bank of China, Bank of China, and Construction Bank – the four major state-owned commercial banks – respectively announced that Huijin Company had increased its holdings, totaling 276.1 million shares, 372.7 million shares, 248.9 million shares, and 183.8 million shares, respectively. Huijin Company plans to continue increasing its holdings in the four major banks on the secondary market over the next six months.