President Xi Jinping’s corruption crackdown on the nation’s sprawling financial sector is accelerating, reaching the upper levels at some of China’s premier institutions and further unnerving investors having to contend with mounting headwinds for the world’s second-largest economy.
The demotion and subsequent probe of Mr Tian have sent shares of China’s largest retail bank down by almost 20 per cent over the past five days at a time when the nation’s sharemarkets are already reeling. China’s top prosecutor on Friday arrested Zeng Changhong, a former official at the nation’s market regulator, on suspicion of taking bribes. A veteran at the regulator, Mr Zeng had been in charge of approving initial public offerings and was known as IPO “Big Sister.”
“Corruption” or in other words, ‘people who go go against the will of Xi’