Monday, August 21, 2017

China considers experienced graft-buster for top CIRC post

China is likely to name a senior Communist Party graft-buster to oversee the insurance sector, according to sources with direct knowledge of the development.

They said the government is considering Yang Xiaochao, secretary general of the Central Commission for Discipline (CCDI), to lead the China Insurance Regulatory Commission (CIRCI), a signal that the country’s ongoing crackdown on irregular business practices in the financial industry may be set to escalate.

The top CIRC position has remained vacant since April after former chairman Xiang Junbo was put under probe over suspicions of “serious disciplinary violations,” a phrase that usually refers to graft.

The 58-year-old Yang is an associate of Wang Qishan, the head of the party’s CCDI, the country’s main anti-graft body.

In addition, Wang is also a member of the Politburo Standing Committee, the country’s top leadership body.

The CCDI has not made an official statement about the

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