China’s Graft Busters Reveal ‘Shocking’ Corruption Among Local Regulators of Failed Baoshang Bank
The cases came to light in the wake of investigations into the collapse of Baoshang Bank which was seized from private conglomerate Tomorrow Holding in May 2019. Photo: IC Photo
China’s top antigraft agency has disclosed details of corruption cases involving five former banking regulators in the Inner Mongolia autonomous region who between them took more than 700 million yuan ($109 million) in bribes, mostly connected with scandal-hit
Baoshang Bank Co. Ltd., a failed local lender taken over by the state in 2019.
The officials, including Xue Jining, a former head of the Inner Mongolia branch of the now-defunct China Banking Regulatory Commission (CBRC), abused their power to seek benefit for those who paid them bribes related to establishing institutions, approving new businesses and loans, project construction and personnel appointments, the Central Commission for Disciplin
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The regulatory bodies came together to reiterate the crypto ban amid the high volatility of crypto resulting in losses among citizens.
Three regulatory bodies in China have released a report to bolster the crypto ban on financial institutions. The associations, including the National Internet Finance Association of China, the China Banking Association, and the Payment and Clearing Association of China, released a report on the crypto ban on the 18th of May. The report reinforces the China crypto ban that was formerly introduced in 2013 and then 2017.
In 2013, the People’s Bank of China (PBoC), the Ministry of Industry and Information Technology, the China Banking Regulatory Commission, the China Securities Regulatory Commission, and the China Insurance Regulatory Commission came together to issue a “Notice on preventing Bitcoin risks.”
China’s Regulators Warn 13 Chinese Internet Firms Amidst Internal Power Struggle
Among other issues, supervision of the shareholding structure and capital was reportedly emphasized in the interviews.
Four Chinese financial regulators, including the People’s Bank of China, China Banking Regulatory Commission, China Securities Regulatory Commission, and the State Administration of Foreign Exchange, jointly interviewed representatives of the financial platform companies on April 29.
The interviewed giants are Tencent, Du Xiaoman Financial, JD.com, ByteDance, Meituan Finance, Didi Finance, Lufax, Tianxing Data, 360 DigiTech, Sina Finance, Suning Finance, Gome Finance, and Trip.com Group Finance.
Similar to Ant Group, these 13 companies all have integrated operations, large business volume, and strong industry influence.
CX Daily: Chinese With Rare Diseases Face Painful Predicament Affordable Yet Unavailable Drugs
Medicine /
Xu Kai and her family
smashed 1,000 boxes of tablets used to treat her 8-year-old daughter’s rare genetic disorder.
The latest shipment of the medicine, which Xu had been buying through purchasing agents since her daughter was born, turned out to be fake. Phony pharmaceuticals are just one of the problems that patients and their relatives face trying to get their hands on medicine for treating rare diseases in China.
Many of these drugs are cheap and readily available outside of China, but lagging regulations and the cold logic of the market economy have made them difficult to come by inside the country. The situation has forced people like Xu to turn to an unreliable network of sometimes untrustworthy purchasing agents to buy drugs overseas that they or their loved ones need to lead normal lives.
Retired Bank Regulator Admits Taking $62 Million in Bribes, Court Statement Shows
Xue Jining pleaded guilty to charges that he took $62.1 million in bribes. Photo: The People s Procuratorate of Hohhot
A retired banking regulator in the Inner Mongolia autonomous region admitted taking bribes amounting to more than $60 million in a corruption case with links to Baoshang Bank Co. Ltd., a failed local lender that was taken over by the state in 2019.
Xue Jining, a former head of the Inner Mongolia branch of the now-defunct China Banking Regulatory Commission (CBRC) and a former central bank official, pleaded guilty to charges that he took 400.4 million yuan ($62.1 million) in bribes from 37 individuals and entities from 2002 to 2015, according to