Politics
Xi's corruption crackdown catches record number of top officials in China
BEIJING Chinese President Xi Jinping's sweeping anti-corruption campaign has involved a record number of top officials for two years running, underscoring the risks for bureaucrats and threatening to destabilize investors already worried about the economy.
Mr. Chen Xiaobo, deputy head of Hainan's provincial corruption watchdog, is under investigation for alleged serious violations, the Central Commission for Discipline Inspection (CCDI) said on October 10 .
The investigation brings the total number of senior government officials targeted by Mr. Xi's campaign since January to 46, surpassing the 2023 record of 45 with more than two months remaining.
The record investigations show the growing intensity of Mr. Xi's anti-corruption campaign, which he has used to discipline the ruling Communist Party and eliminate political rivals since taking office in 2012.
China's most powerful leader since Mao Zedong pledged in early 2024 to show no mercy in the fight against corruption in critical sectors like finance, energy, pharmaceuticals and infrastructure.
In particular, China has continued to tighten its grip on the US$66 trillion (S$86.3 trillion) financial sector, labeling bankers as hedonists and creating a new working committee on financial corruption, which which indicates a push for more permanent oversight of the sector.
For example, the CCDI opened an investigation into Mr. Xu Zuo, deputy general manager of state-owned financial conglomerate Citic Group, in June.
Other financial figures examined in 2024 include Mr. Lou Wenlong, former vice-president of the Agricultural Bank of China, and Mr. Li Jiping, former vice-president of the Development Bank of China.
The CCDI also investigated former Agriculture Minister Tang Renjian in May, making him the third ousted minister in the current government, a rare pace of impeachments.
As the October 10 announcement showed, even CCDI staff themselves are not exempt from the fight against corruption.
The investigation against provincial corruption buster Mr. Chen Xiaobo followed that of Mr. Li Gang, head of the CCDI inspection team at the Communist Party's human resources department, in late September.
Bloomberg's tally is based on announcements from the Central Commission for Discipline Inspection, a court registry watchdog.
It does not include two former Chinese defense ministers dismissed by the Politburo.
In June, the 24-man body removed from the party former Defense Minister Li Shangfu, who once worked in the equipment development department, and his predecessor Wei Fenghe, who once headed the Rocket Force unit that had also saw several officials purged.
Mr. Xi's government has ousted at least 18 senior military officials since opening a corruption investigation into equipment purchases dating back to 2017 last summer.
In a clear demonstration of Beijing's concerns over the country's arms procurement, the Communist Party called for changes to the military procurement system at the third plenum held in July. BLOOMBERG
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