China Sacks 3 Execs For Corruption At Banking, Financial Watchdog

As an anti-corruption drive targeting the financial sector intensified, China expelled two former officials from the Communist Party and dismissed a third from public office, Bloomberg News reported.

Photo Insert: Han Yi, former chief of the China Banking and Insurance Regulatory Commission's Shanghai branch, was expelled from the ruling party on Sunday for offenses including failing to effectively implement regulations and bribery.

Han Yi, former chief of the China Banking and Insurance Regulatory Commission's Shanghai branch, was expelled from the ruling party on Sunday for offenses including failing to effectively implement regulations and bribery, according to the Central Commission for Discipline Inspection.

Han was fired from his former position in December.

Also on Sunday, the country's top anti-graft authority announced the dismissal of Cai Jiangting, a former inspector at CBIRC's law and regulatory department, and the expulsion from the party of Zhang Shian, a retired official at CBIRC's Jiangxi branch.

Both have committed violations, including bribery.

Despite progress in the fight against bribery, Chinese President Xi Jinping stated earlier this month that corruption in the nation remains severe and multifaceted. Since 2013, Xi has railed against the rival Shanghai clique within the party and fired over 100 generals, but the corruption problem has increased rather than improved.

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