Chinese financial magnate Lai Xiaomin was executed today, Jan. 29, in Tianjin for corruption charges. Lai Xiaomin has never killed anyone before, but he was physically eliminated in a hurry, ostensibly for taking huge bribes and having many women. However, such speedy killings are rare in China in recent years, so why did Xi Jinping rush to take his Life this Time?
On January 5, 2021, the Tianjin Second Intermediate Court publicly sentenced Lai Xiaomin, the former Communist Party Secretary and Chairman of the Board of Huarong Asset Company, to death. Today, according to China’s CCTV client, the Tianjin Second Intermediate People’s Court executed Lai Xiaomin “in accordance with legal procedures” in the morning of January 29, 2021, “with the approval of the Supreme People’s Court.
It is puzzling why Xi Jinping hurriedly killed Lai Xiaomin, who had no human life, in only 24 days from the time he was sentenced to death to his execution. Is it just because he is a huge corruption? Did the authorities not recover the money pushed through his house? Also, last November, Ant Group, the online payment giant founded by Jack Ma, was banned by the authorities from listing in Hong Kong at the last minute. The largest deal in history was expected to raise more than $34 billion. Alibaba was also subsequently investigated by China’s financial regulator.
All of these signs have raised doubts about whether there is a major crisis in China’s financial situation. Is it possible that China’s financial sector is so full of landmines that Xi Jinping has no choice but to use the life of Lai Xiaomin as an example?
Lai Xiaomin, former Communist Party Secretary and Chairman of China Huarong Group, was sentenced to death on January 5 by a court in Tianjin for “corruption” and “bigamy”. Financial tycoon Lai Xiaomin was executed today, AFP said on Jan. 29, citing Chinese official media.
According to the report, Lai Xiaomin was accused of using his authority to assist relevant units and individuals in obtaining financing, contracting projects, cooperation, job transfers and job promotions through the official acts of others during the period 2008-2018. And taking bribes equivalent to 1.788 billion yuan.
AFP said that only one high-ranking official has been sentenced to death in China since Xi Jinping came to power. That’s because the top official was involved in 1 murder case in 2016. Others have been given death sentences that were suspended (and never actually carried out).
Xi Jinping launched a massive anti-corruption campaign after he came to power as head of the CCP in 2012. More than 1.5 million CCP cadres have been disciplined. But such popular actions are also suspected of serving to remove opposition from the party. Last year, for example, former Chinese real estate tycoon Ren Zhiqiang paid the price and was sentenced to 18 years in prison. A critical figure in China’s business community, Ren has published sharp articles criticizing the authorities for their unfavorable response to the Wuhan coronary outbreak at the end of 2019.
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