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Quick Take: Former Insurance Watchdog Head Pleads Guilty at Graft Trial

Xiang Junbo, former chairman of the China Insurance Regulatory Commission, addresses a court in Changzhou, Jiangsu province, during his trial for graft Thursday. Photo: Changzhou Intermediate People’s Court
Xiang Junbo, former chairman of the China Insurance Regulatory Commission, addresses a court in Changzhou, Jiangsu province, during his trial for graft Thursday. Photo: Changzhou Intermediate People’s Court

The former chairman of the China Insurance Regulatory Commission (CIRC) pleaded guilty Thursday as his corruption trial started Thursday in a court in Jiangsu province, the official Xinhua News Agency reported.

Prosecutors said Xiang Junbo took advantage of his positions at the Agricultural Bank of China and the CIRC to offer help to companies and individuals over loan and project approval in exchange for about 19.42 million yuan ($3.03 million) in bribes.

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