Former Deputy Head of China Taiping Pleads Guilty of Taking $11 Million in Bribes

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A court in Xinxiang, Henan province, heard Xiao’s case Thursday

What’s new: Xiao Xing, former deputy general manager of the state-owned China Taiping Insurance Group Ltd., has pleaded guilty to accepting more than 81 million yuan ($11 million) in bribes over 25 years while serving as a senior government official and financial executive.

Xiao’s crimes spanned from 1998 to 2023 during his tenure as an official at the Shanghai Municipal Committee of the Communist Youth League and as a senior management member of state-owned China Life Insurance Co. Ltd. and Taiping Insurance Group Ltd., the procuratorate said.

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Xiao Xing, former deputy GM of China Taiping Insurance, pled guilty to accepting over 81 million yuan in bribes from 1998 to 2023.
His crimes involved seeking benefits for others in loans, financing, business deals, and job placements.
Xiao's case is part of a broader corruption crackdown, including high-level officials like Wang Bin and Zhang Ke.

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Who’s Who

China Taiping Insurance Group Ltd.: China Taiping Insurance Group Ltd. is a state-owned insurer in China. It has been embroiled in multiple corruption scandals, including cases involving former executives Wang Bin, Zhang Ke, and Ni Bo. Xiao Xing, the former deputy general manager, recently pleaded guilty to accepting over 81 million yuan in bribes from 1998 to 2023. The company has experienced significant disruption due to these investigations and legal cases.

China Life Insurance Co. Ltd.: China Life Insurance Co. Ltd. is a state-owned enterprise where Xiao Xing served in senior management. Xiao joined China Life’s Shanghai branch in 2005, eventually becoming its general manager in 2011. His tenure involved significant financial and operational responsibilities, ultimately preceding his roles at China Taiping Insurance Group Ltd. The broader organization has faced a series of corruption scandals involving high-ranking officials.

Taiping Life Insurance Co. Ltd.: Taiping Life Insurance Co. Ltd. is part of China Taiping Insurance Group Ltd., which has faced multiple corruption scandals. Key figures affected include former chairman Wang Bin, head of the life insurance arm Zhang Ke, and deputy general manager Ni Bo. The company has been implicated in a broader graft investigation impacting officials in Shanghai, with recent scrutiny involving Xiao Xing, the group's former deputy general manager.

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