Chinese Banking Association Faces High-level Investigation

Chinese Banking Association Faces High-level Investigation

Elena Vasilyeva
2 min read

China’s Financial Regulatory System Strengthens Anti-Corruption Measures

The recent investigation of Liu Feng, the former Secretary-General of the China Banking Association, marks a significant step in China’s intensified anti-corruption efforts within its financial regulatory system. Liu Feng is the second high-ranking official to be scrutinized after Deputy Secretary-General Guo Sanye. This inquiry follows the arrival of the Central Third Inspection Team at the China Banking Association, making Liu the fourth top-level official in the system to be investigated. Additionally, Ren Chunsheng, leader of the Complaint Mediation Center Preparation Group of the China Banking and Insurance Regulatory Commission (CBIRC), is under scrutiny for suspected serious violations of discipline and law. Ren has previously held key positions, including head of the Insurance Fund Utilization Supervision Department at the CBIRC. These investigations underscore an intensified crackdown on corruption within the financial regulatory framework.

Key Takeaways

  • Liu Feng is the fourth official to be investigated since the Central Third Inspection Team's arrival at the China Banking Association.
  • The Central Third Inspection Team commenced its work at the CBIRC in April 2024.
  • Ren Chunsheng is under disciplinary investigation for suspected serious violations.
  • Ren Chunsheng has served in several influential roles, including head of the Insurance Fund Utilization Supervision Department.


The successive investigations of high-ranking officials within the China Banking Association highlight the strengthening of anti-corruption measures in the financial regulatory system. The intensified scrutiny by the Central Inspection Team is expected to have short-term impacts on the industry and long-term benefits in enhancing regulatory transparency and efficiency. This may lead to a reassessment of financial instruments and investment strategies to adapt to a more stringent regulatory environment, ultimately rebuilding market confidence.

Did You Know?

  • Central Third Inspection Team: The Central Third Inspection Team, part of the Central Committee of the Communist Party of China, inspects central and state organs, state-owned enterprises, and financial institutions to identify and address issues related to party conduct, integrity, and anti-corruption. Its work is crucial for internal supervision and ensuring clean and efficient operation within the Party and state organs.

  • China Banking and Insurance Regulatory Commission: The CBIRC is China's top administrative organ for financial regulation. It formulates and implements financial policies and supervises banks, insurance companies, and securities firms to ensure market stability and healthy development. The CBIRC plays a vital role in anti-corruption efforts and maintaining financial order.

  • Insurance Fund Utilization Supervision Department: This department, under the CBIRC, oversees the utilization of insurance funds by insurance companies, ensuring their safety, liquidity, and profitability. It regulates investment activities to prevent misuse and risk accumulation, safeguarding the interests of policyholders and beneficiaries.

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