Tong Daochi, former secretary of Sanya, was sentenced to death with reprieve for accepting 274 million yuan in bribes
On June 2, the Intermediate Court of Shenzhen City, Guangdong Province of the Communist Party of China publicly announced the first-instance judgment of Tong Daochi’s bribery and insider trading case. He was sentenced to death for accepting bribes, suspended for two years, deprived of political rights for life, and confiscated all personal property; the crime of insider trading Sentenced to five years in prison and a fine of 4 million yuan, decided to execute the death penalty, suspended for two years, deprived of political rights for life, and sentenced to confiscation of all personal property; To be recovered, turned over to the state treasury.
Tong Daochi said in court that he would obey the court’s decision and would not appeal.
According to public information, 55-year-old Tong Daochi is from Pingjiang, Hunan. From 1991 to 2000, he worked as an assistant researcher at the Institute of World Economics and Politics of the Chinese Academy of Social Sciences, and then went to Carleton University in Canada to study for a master’s degree in public administration.
From 1994 to 1999, Daochi Tong worked as a doctoral student in policy analysis at the Graduate School of the RAND Corporation, a well-known American think tank, and a researcher at the Asia-Pacific Research Center of the International Department of the RAND Corporation.
Tong Daochi joined the World Bank in 1999 and returned to China a year later.
According to his official resume, Tong Daochi was born in October 1967 and is a native of Pingjiang, Hunan. He graduated from the Institute of Administrative Management of Renmin University of China with a major in administrative management, and graduated from Carleton University in Canada with a postgraduate degree in public management.
Since 2019, many officials who were in power in Sanya have been sacked successively. Tong Daochi is the third tiger to be sacked in Hainan after the 19th National Congress of the Communist Party of China.
Lu Media: Recruited by Zhou Xiaochuan to return to China
Beijing Youth Daily reported on November 4, 2018 that in October 2000, Tong Daochi returned to China to work at the China Securities Regulatory Commission, and one of the reasons for his return was Zhou Xiaochuan, the then chairman of the China Securities Regulatory Commission.
At that time, Zhou Xiaochuan brought in a large number of overseas personnel for the CSRC. According to the statistics of the Personnel Department of the CSRC in early 2001, there were nearly 50 “returnees” in the CSRC at that time, accounting for 20% of the total number of the CSRC.
Tong Daochi is one of the first “returnees” to join the China Securities Regulatory Commission. He has worked in the China Securities Regulatory Commission for 14 years and has served as Deputy Director of the Listed Company Supervision Department, Deputy Director of the Issuance Department, and Director of the International Department.
According to Li Yanming, a commentator, in recent years, several officials of the CSRC system have been investigated, such as Zhang Yujun, assistant to the chairman of the CSRC, Yao Gang, the former vice chairman, and Li Zhiling, director of the issuance supervision department. Tong Daochi and the above-mentioned financial officials have worked together for many years.
The Hong Kong media “Apple Daily”, which was forcibly shut down by the CCP, once published a commentary under the name of Li Ping, saying that Zhou Xiaochuan was a princeling with a prominent background. His father, Zhou Jiannan, was the minister of the Ministry of Machinery Industry and was the old boss of Jiang Zemin, the former president of the CCP. . Zhou Xiaochuan’s smooth career was somewhat related to Jiang Zemin’s support. Allegedly, Zhou Xiaochuan’s home hangs a photo of his parents with Jiang Zemin and his wife in their later years. When Zhou Xiaochuan became the president of the People’s Bank of China in December 2002, Jiang Zemin also expressed his “pleasure” about Zhou Xiaochuan’s success.
The article said that Zhou Xiaochuan made a poor impression on mainland people because the stock market plummeted during his tenure as chairman of the China Securities Regulatory Commission, and he failed to control inflation after serving as the governor of the CCP’s central bank.
The article said that before Jiang Zemin, who loved power, was handed over to Hu and Wen in 2002, he promoted and installed cronies from the Central Committee of the Communist Party of China, the army to the State Council, and occupied all key positions, paving the way for the future under the curtain and continuing to hold power.
It is under such circumstances that Zhou Xiaochuan was arranged to serve as the governor of the Central Bank of the Communist Party of China, guarding the money bag for Jiang Zemin, and through the leadership of the major super state-owned enterprises, he controlled the fundamental powers such as finance and so on, and held the dominance of China’s economy. After the 18th National Congress of the Communist Party of China, Zhou Xiaochuan continued to serve as the governor of the Central Bank of the Communist Party of China, in fact, to take care of the financial backyard for Jiang Zemin.
Tong Daochi was sentenced to death on June 2 with a two-year reprieve. He expressed his obedience to the sentence in court and did not appeal.
Outside comments said that Tong Daochi was given a high-profile suspended death sentence, which may mean that Xi Jinping intends to beat the “money bag”.
In recent years, Xi Jinping has not stopped fighting corruption in the financial sector.
On May 18, Sun Guofeng, the former director of the Monetary Policy Department of the Central Bank of the Communist Party of China, was investigated, as was his wife, who works at China Central Depository & Clearing Co., Ltd., a subsidiary of the central bank. In China’s financial circle, Sun Guofeng is a monetary policy indicator. Comments say that this incident shows that Beijing is stepping up its anti-corruption investigation into the relationship between financial, regulatory agencies and private enterprises since October last year, and other cases will be disclosed in the future.
Under this wave of anti-corruption, dozens of financial officials have been in trouble. In April alone, 17 financial sector officials, including Tian Huiyu, the former president of China Merchants Bank, were investigated or punished.
Currently, the Chinese economy is in crisis. Following the introduction of 33 measures to stabilize the economy by the State Council of the Communist Party of China, the Ministry of Finance of the Communist Party of China put forward 8 measures to stabilize the economy at a press conference on June 2, announcing that more industries will be included in the policy of full monthly refund of tax credits. The newly added tax rebate was RMB 142 billion, and the total amount of the new tax rebate issued this year was approximately RMB 1.64 trillion.
As the 20th National Congress of the Communist Party of China is approaching and the economic outlook is extremely uncertain, it may be an expectation of the authorities to hold on to the “money bag” without incident at a critical moment.