BEIJING – A top executive at a major Chinese state-backed investment company is under investigation for corruption, the government’s anti-corruption body said on June 9, as an unrelenting crackdown on graft sweeps through the finance sector.
Citic Group is a vast state-run investment conglomerate with the equivalent of over US$1.5 trillion in total assets as of 2023, according to its official website. Proponents say the campaign encourages clean governance, while critics argue it also serves as a vehicle for Mr Xi to purge political rivals.
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