China’s former chief securities regulator, Yi Huiman, has been placed under investigation for suspected serious discipline and law violations, according to the country’s top anti-corruption authorities. The Central Commission for Discipline Inspection and the National Supervisory Commission announced the investigation in a statement on Saturday, marking the latest development in Beijing’s long-running anti-graft campaign.
Yi Huiman, 60, was abruptly removed as chairman of the China Securities Regulatory Commission (CSRC) early last year, following a period of market turmoil in the world’s second-largest economy. The CSRC is the primary regulatory body for China’s securities markets, overseeing the country’s stock exchanges and enforcing securities laws.
The investigation into Yi’s alleged wrongdoing is part of Chinese President Xi Jinping’s broader crackdown on corruption, which has been ongoing for over a decade. Proponents of the campaign argue that it promotes clean governance and reduces corruption, while others see it as a means for Xi to consolidate power and eliminate potential rivals.
The financial sector has been particularly affected by the anti-graft campaign, with numerous high-ranking officials and executives facing investigation and prosecution. Yi, a former chairman of the Industrial and Commercial Bank of China, was appointed to lead the CSRC in January 2019, replacing Liu Shiyu, who was also dismissed and investigated for similar discipline violations.
The announcement of Yi’s investigation did not provide details on the specific allegations against him or his current whereabouts. The Central Commission for Discipline Inspection and the National Supervisory Commission will conduct the investigation, which is expected to be thorough and rigorous.
The development is significant, as it highlights the ongoing efforts of the Chinese government to root out corruption and ensure the integrity of its financial regulatory bodies. The investigation into Yi Huiman’s alleged wrongdoing is likely to have implications for the country’s securities markets and the broader financial sector, and will be closely watched by investors and regulators around the world.
Chinese President Xi Jinping’s anti-corruption campaign has had far-reaching consequences, with many high-ranking officials and executives facing investigation and prosecution. The campaign has also led to increased scrutiny of the country’s financial sector, with regulators taking steps to strengthen oversight and enforcement. As the investigation into Yi Huiman’s alleged wrongdoing continues, it remains to be seen what implications it will have for the future of China’s securities markets and the country’s ongoing efforts to combat corruption.
