Liu Liange, former chairman of the Bank of China, has been arrested on charges of corruption, including bribery and illegal loan distribution. Liu, who held senior roles at the Export-Import Bank of China and China's central bank before his tenure as chairman from 2019 to 2023, stepped down earlier this year and soon after faced corruption charges.
Liu's arrest is a significant development in President Xi Jinping's intensive anti-corruption campaign targeting China's $60 trillion financial sector. The campaign has implicated numerous high-ranking executives from state-owned banks, including Wang Bin of China Life Insurance who received a life sentence for bribery.
A week prior to his arrest, Liu was ousted from China's ruling Communist Party following allegations from the Central Commission for Discipline Inspection, China's top anti-graft watchdog. The commission accused Liu of various illicit activities, including smuggling banned publications and accepting bribes. He was also alleged to have enjoyed high-end perks such as invitations to private clubs and ski resorts.
Liu's arrest underscores the seriousness of President Xi Jinping's anti-corruption efforts within the financial sector. As a prominent figure in the banking sector, Liu's fall from grace is seen as a significant move in the crackdown on corruption within China's financial industry.
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