China Removes Communist Party Heads of Top State Insurer and Bank

What’s new: China Friday removed the Communist Party chiefs from two of its biggest state-owned financial institutions — the People’s Insurance Co. Group of China (PICC) and Bank of China Ltd. (BOC).

PICC, China’s largest property insurer, said in a statement that party Secretary Luo Xi will step down from the post, without elaboration. Luo remains chairman of PICC. Caixin learned that PICC President Wang Tingke will temporarily assume Luo’s duties as party chief.