Xue Jining, former supervisory director of the Banking Regulatory Commission in Inner Mongolia, took bribes of more than 400 million

On May 12, Xue Jining, former director of the Inner Mongolia Supervisory Bureau of the Communist Party of China (CPC) Banking Regulatory Commission (CBRC), was charged with taking bribes of more than 400 million yuan in a bribery case that began in court.

He was appointed as the Director of the Non-Bank Financial Institutions Division of the Audit Bureau, the Director of the Banking Division of the Audit and Supervision Bureau, and the Director of the Supervision Division of the Supervision Division I. In 1999, he was transferred to the Director of the Case Inspection Division II of the Central Financial Discipline Inspection Commission, and in 2003, he became the Deputy Director of the Supervision Bureau of the CBRC.

From August 2007 to April 2014, Xue Jining served as the Secretary of the Party Committee and Director of the Inner Mongolia Supervision Bureau of the China Banking Regulatory Commission for a long time. in 2014, he served as an inspector of the Inspection Office of the Party Committee of the China Banking Regulatory Commission, until his retirement in March 2015.

On June 4, 2020, Xue Jining fell from the horse.

According to the indictment, between 2002 and 2015, Xue Jining, while serving as the director of the Second Office of Case Inspection of the Central Financial Discipline Inspection Commission, deputy director of the Supervision Bureau of the CBRC, secretary of the Party Committee and director of the Inner Mongolia Supervision Bureau of the CBRC, and inspector of the Inspection Office of the Party Committee of the CBRC, made use of his position to facilitate the administrative licensing, on-site inspection, off-site supervision, handling of loans, business solicitation, establishment and shareholding in village banks, etc. to He received from 37 units and individuals a total of RMB 400437881. He should be held criminally responsible for the crime of accepting bribes.

In January this year, the Central Commission for Discipline Inspection informed that Xue Jining, the former party secretary and director of the Inner Mongolia Banking Regulatory Bureau, and Chen Zhitao and Song Jianji, the former deputy directors, were expelled from the Communist Party for their involvement in the Baoshang Bank case.

In addition to his involvement in the Baoshang Bank case, Xue Jining was accused of having inappropriate sexual relations with others, using his supervisory authority and influence to solicit business for others, and accepting and soliciting large amounts of money and property.

In recent years, the Xi Jinping administration’s anti-corruption storm has swept through the mainland’s financial system.

In November 2020, officials announced two major cases in a row, with the investigation of Tong Daochi, a member of the Standing Committee of the Hainan Provincial Committee and Secretary of the Sanya Municipal Committee, and Gao Cailin, Deputy Secretary General of the Jilin Provincial Government. Both are from the financial system, Tong Daochi served for 14 years at the Communist Party’s Securities Regulatory Commission, while Gao Cailin served for five years each at the Communist Party’s central bank and Jilin’s financial work office.

According to land media statistics, at least 11 officials from the financial system were investigated last October, including Gao Weidong, former president of the Yulin branch of the Agricultural Bank of China; Xu Weidong, former deputy general manager of the private banking department of the Industrial and Commercial Bank of China; Liu Xingfu, former president of the Baiyin branch of the Agricultural Bank of China; Zou Jianxu, deputy general manager of the capital market department of Zhejiang Bank; Wang Zhongxing, former president of the Jining branch of CITIC Bank; Li Fangjin, party chairman of Guangzhou Financial Holding Group Co. Ltd. and Ge Sanxi, Director of Local Finance Bureau of Yulin City, Shaanxi Province.

On April 9, 2017, Xiang Junbo, Secretary of the CPC Committee and Chairman of the CIRC, fell from the horse.

Xiang Junbo’s investigation is the highest-ranking official to fall from the insurance regulatory system and even the entire financial system since the CCP’s post-18th Congress anti-corruption campaign.

According to the land media, in April 2017, the financial anti-corruption efforts are getting stronger and stronger, not only the regulatory department “senior officials” and “executives” of financial institutions are intensively investigated, general cadres and even ordinary employees are also investigated and punished for violations of law and discipline.

On April 9, in addition to Xiang Junbo, Li Changjun, former president of the Beijing branch of the Export-Import Bank of China, was also investigated.

The assistant chairman of the CBRC, Yang Jiacai, was “lost” on April 10 after his work was handed over, and there were many unfavorable rumors about him.

On April 13, Zhang Ying, president of Minsheng Bank’s Beijing Aerospace Bridge branch, was investigated, and Zhao Pinzhang, former vice president of the head office, was also taken away almost on the same day; on April 17, Zhang Huawei, former deputy ministerial-level inspector of the Central Inspection Group and deputy head of the First Enterprise Financial Inspection Group of the Central Organization Department, was investigated; on April 21, Feng Xiaoshu, former member of the Shenzhen Stock Exchange and former member of the stock issuance committee, was investigated.

Yang Jiacai has been working in the banking system for a long time and has been the assistant to the chairman and director of the general office of the CBRC for nearly four years since May 2013, and is said to be a powerful figure within the CBRC.

In May 2017, it was officially announced that Yang Jiacai had fallen from the horse.

Yang Jiacai’s wife also worked at a financial institution in Shanghai. This time, she was investigated because her account was found to have a huge amount of unidentified funds.

In the four years from 2013 to 2017, about 60 financial executives and officials were investigated.