[Epoch Times January 08, 2022]On the 8th day of the Chinese New Year, the Chinese Communist Party beat two “tigers” one after another. On the same day that Zhang Yongze, vice chairman of the Tibet Autonomous Region, fell, Wang Bin, chairman of China Life Insurance, was also investigated. The authorities’ inspection of the financial system before the end of last year was alleged to be related to Xi Jinping’s personnel cleansing before the 20th National Congress of the Communist Party of China.
The website of the State Supervision Commission of the Central Commission for Discipline Inspection of the Communist Party of China announced on January 8 that Wang Bin, secretary and chairman of the Party Committee of China Life Insurance (Group) Company (hereinafter referred to as China Life), was suspected of “serious violations of discipline and law” and is currently under investigation.
This is also the second “tiger” that fell off the horse that day. Earlier, Zhang Yongze, vice chairman of the Tibet Autonomous Region Government, had been notified and investigated.
Public information shows that Wang Bin was born in November 1958 in Harbin, Heilongjiang. He has served as the chairman of the company since December 2018. He is currently the chairman and party secretary of China Life, and the director and chairman of China Guangfa Bank Co., Ltd.
Wang Bin has been immersed in the financial circle for nearly 30 years. In the early years, he worked in the People’s Bank of China and participated in the preparation and establishment of the Agricultural Development Bank of China as an important member. He was the president of the Jiangxi Branch of the Agricultural Development Bank of China, the Tianjin Branch of the Bank of Communications, and the Bank of Communications Beijing Branch. From 2005 to 2012 He served as Vice President of Bank of Communications in 2010 and concurrently served as Executive Director of Bank of Communications from 2010 to 2012. From March 2012 to August 2018, he served as Chairman and Secretary of the Party Committee of China Taiping Insurance Group. In September 2018, he served as Chairman and Secretary of the Party Committee of China Life Insurance.
According to China Life’s official website, Wang Bin’s last appearance was on December 29, 2021. Guangyin Wealth Management Co., Ltd., a wholly-owned subsidiary of Guangfa Bank, a member of China Life Group, held an inauguration ceremony in Shanghai. Wang Bin and Shanghai leaders jointly Guangyin Wealth Management was inaugurated.
China Life is a large-scale financial and insurance company in the Chinese Communist Party. It is the parent company of China Life Insurance Co., Ltd. (China Life, 601628.SH; 02628.HK) and the joint-stock bank China Guangfa Bank.
After Xi Jinping came to power, the financial leaders who were previously purged, including Lai Xiaomin, the former chairman of Huarong Asset Management Co., who was executed recently, and Hu Huaibang, the former chairman of China Development Bank, who was sentenced to life in prison, China Development Bank is China’s largest policy bank. .
On September 26 last year, the CPC Central Commission for Discipline Inspection announced a two-month inspection of 25 major financial institutions in China. Among them are the People’s Bank of China, Agricultural Development Bank of China, Bank of Communications Co., Ltd., China Life Insurance (Group) Company, and China Taiping Insurance Group Co., Ltd. where Wang Bin was investigated this time.
This round of financial anti-corruption campaign comes at a time when Xi Jinping continues to lock down Chinese technology and real estate giants and comprehensively suppress private enterprises. “The Wall Street Journal” reporter Wei Lingling once said on his personal Twitter that these institutions have invested in private companies and will now be subject to stricter supervision.
After the Central Commission for Discipline Inspection of the Communist Party of China inspected 25 financial institutions, the overall results have not yet been announced, but from time to time, senior financial officials have been declared sacked. On December 3, 2021 alone, three financial officials were notified and investigated, including: Han Yi, Secretary of the Party Committee and Director of the Shanghai Regulatory Bureau of China Banking and Insurance Regulatory Commission, and Member of the Party Committee and Vice President of the People’s Insurance Company of China Shen Dong, as well as the original issuance review committee member of the China Securities Regulatory Commission, and the former deputy director of the Shanghai Stock Exchange’s original science and technology innovation board listing review center operate the ship.
The Epoch Times reported at the end of last year that as of December 8th, 2021, at least 31 officials from financial institutions at the central level of the Chinese Communist Party have been investigated, far exceeding the “nearly 20” in 2020.
At the 20th National Congress of the Communist Party of China held in the second half of this year, Xi Jinping is expected to break the precedent and ensure the continuation of his third term.
Current political commentator Lan Shu told The Epoch Times earlier that Xi Jinping is preparing for his third term. At the 20th National Congress of the Communist Party of China, he will definitely promote his ranks. The main reason for Xi to rectify the financial sector at this time is to protect the people he wants to promote.
A scholar in Australia, Yuan Hongbing, told The Epoch Times that a large number of officials in the CCP’s financial system will be purged before the 20th National Congress of the Communist Party of China involved major political struggles.
Yuan Hongbing also said that Xi Jinping used a large number of corrupt officials to purge and use their funds to fund various departments of the party and government in order to maintain the political power.
Editor in charge: Ning Haizhong
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