China’s Anti-Graft Crackdown Has Ensnared Over 20 Finance Officials So Far

(Bloomberg) — China’s anti-graft crackdown has so far brought down more than 20 financial officials as authorities step up scrutiny over the nation’s $54 trillion financial system at a time of growing turmoil in the property market.

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At least 23 officials had been probed or penalized since Oct. 12 when China launched a national anti-corruption inspection focused on financial institutions and regulators, according to a Bloomberg News tally based on announcements from the Central Commission for Discipline Inspection.

The officials had worked for top regulators such as the People’s Bank of China and China Securities Regulatory Commission as well as state-owned banks including Industrial & Commercial Bank of China Ltd. Mou Shangang, an ex-PBOC official, on Tuesday became latest to be probed for alleged “serious” violations of party discipline and state law.

Chinese President Xi Jinping has pressed ahead with his signature anti-corruption campaign after almost a decade in power, most recently focusing on law enforcement. Xi has tightened his grip as he prepares for a twice-a-decade Communist Party congress later this year at which he’s expected to secure a precedent-breaking third term.

The campaign also comes in tandem with a sweeping crackdown on the country’s private sector, which has targeted its biggest technology and property firms.

The broad disruptions has ratcheted up risks in the world’s second-largest economy that is now dealing…

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