The Storm is Coming: The Financial Rat Being Targeted

In recent times, the mainland financial system has really been in an ups and downs, one after another. Not long after the mass rights protection incidents triggered by thunderstorms at many village and township banks in Henan, the rumors that CICC traders born in the 1990s earn more than 80,000 RMB per month have spread all over the Internet again. The economic growth is facing serious difficulties and the income of ordinary people is deeply affected. Under the circumstances, it is particularly eye-catching.

But apart from these two incidents, the anti-corruption storm this year is the biggest thing in China’s financial system. According to “China News Weekly”, “from the beginning of the year to July 13, at least 34 financial experts were arrested.” “These 34 financial experts involved 16 people in the banking system, 12 people in the regulatory department, and 6 people in the insurance field.” , “Most of those who have been sacked are those in key positions.”

According to the official website of the Central Commission for Discipline Inspection and the State Supervision Commission, the cadres of the central party and state organs, state-owned enterprises and financial units have recently disclosed that there have recently included the former secretary of the party committee and chairman of CITIC Zhengye Holding Group Co., Ltd. Liu Ming and the former secretary of the party committee of China Everbright Holdings Co., Ltd. At least eight financial experts, including President Chen Shuang, were arrested.

Chen Shuang, the former secretary of the party committee and chief executive of China Everbright Holdings, is suspected of serious violations of the law and is currently under supervision and investigation. (Photo by Zhong Weide)

The gray line of the grass snake, the pulse is thousands of miles away. Beginning in October last year, the CCP dispatched 15 central inspection teams to conduct a two-month inspection of 25 financial institutions including the central bank, the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the Industrial and Commercial Bank of China, and the Bank of China. This is the first central inspection of the financial sector since the 19th National Congress of the Communist Party of China.

On February 21 this year, the CCP held a centralized feedback meeting on the central inspection of the financial system, criticizing “some units “relying on finance to eat finance”, and the risks of integrity in important positions, key areas and key links are relatively prominent, and they violate the eight central It stipulates that there are many reflections on spiritual problems, and formalism, bureaucracy, and extravagant pleasures are still prominent.”

According to Wind data, CICC’s per capita salary in 2021 will be 983,000 yuan, ranking first in the industry. (Visual China)

In just a few months, many financial officials and senior executives of financial institutions have been sacked, covering important positions in many fields and institutions. This not only shows the determination of the mainland’s financial anti-corruption, but also exposes the depth of the financial system.

Ren Jianming, a professor at the School of Public Administration of Beihang University, said in an interview with Lianhe Zaobao that financial corruption in China has been accumulating for many years, and the phenomenon of corruption has been spread through the selection and appointment system, which has formed a widely accepted corrupt culture, leading to serious attitudes and values ​​of officials. Alienation; as the financial system has gradually become the focus of anti-corruption work in the past two years, the government has stepped up its investigation and punishment, and problems in this field have been exposed more intensively. Economist Xiang Songzuo also said: “Monopoly can easily breed corruption. Entry into the financial industry requires a license, business requires a license, and is subject to supervision. Some officials often take advantage of the power to issue licenses, business licenses, business approvals or supervision to exercise power. money transaction.”

For details, please read the 329th issue of “Hong Kong 01” Electronic Weekly (August 8, 2022) “The Storm is Coming: The Financial Rat Being Targeted

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