State-Asset Probe, Financial Scandal Rattle Wealthy Chinese Province
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A dual wave of official fallout has hit China’s wealthy coastal province of Zhejiang, with the former head of the local state-assets regulator surrendering to graft busters and a senior financial regulator’s profile scrubbed from a government website.
Dong Guibo, the former Communist Party chief and director of Zhejiang’s state-owned assets supervision and administration commission, is under investigation for “suspected serious violations of discipline and law” after turning himself in to authorities, the provincial graft watchdog said in a statement on May 29. The phrase is a common euphemism for corruption.
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- Dong Guibo, former head of Zhejiang’s state-assets regulator, surrendered for corruption investigation on May 29.
- Deng Fuguo, deputy director of the provincial financial commission, had his profile removed after a dinner incident involving misconduct.
- These cases highlight intensified anti-corruption crackdowns in Zhejiang's state-owned and financial sectors.
- January 2025：
- Pan Guang'en, then a deputy director of the office of the financial commission of the Zhejiang provincial party committee, was placed under a graft investigation.
- August 2025：
- Former Vice Governor Gao Xingfu was placed under investigation.
- May 29, 2026：
- Dong Guibo, former Communist Party chief and director of Zhejiang's state-owned assets supervision and administration commission, turned himself in and was announced under investigation for corruption.
- June 2026 (earlier)：
- Gao Xingfu was formally charged with bribery.
- June 2026 (early)：
- An incident involving a high-end dinner organized by a listed company and local officials triggered a disciplinary response, leading to the dismissal of most attendees.
- June 2026：
- Deng Fuguo's profile was removed from the office of the financial commission of the Zhejiang provincial party committee's website.
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