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Top Banking Regulator in Fujian Under Investigation

By Wu Yujian and Han Wei / Jul 27, 2019 05:38 AM / Finance

Qi Xinzheng. Photo: VCG

Qi Xinzheng. Photo: VCG

The top banking and insurance industry regulatory official in South China’s Fujian province is under graft investigation, the Communist Party’s anti-corruption watchdog said Friday.

Qi Xinzheng, director and party chief of the Fujian bureau of the China Banking and Insurance Regulatory Commission (CBIRC), is being investigated for severe violations in law and discipline, the graft buster said in a statement.

Qi, 52, is the second senior CBIRC official to be placed under inquiry since the commission was formed in April 2018 by combining the top banking and insurance regulatory bodies. In May, Zhao Rulin, a deputy head of the CBIRC’s Guangxi bureau, was investigated.

Qi was named the Fujian CBIRC head in November 2018. Previously, he had headed the insurance regulatory body in Jiangsu and Ningxia.

Caixin learned that the Fujian bureau announced Qi’s probe internally Friday afternoon. Qi’s information has been removed from the bureau’s website.

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