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Policy

China's Insurance Regulator Chief Xiang Junbo Probed for Suspected Corruption

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Xiang Junbo, head of the China Insurance Regulatory Commission, is under investigation for suspected "serious disciplinary violations," the country's anti-corruption watchdog said yesterday.

Ironically, Xiang was the author of a popular anti-corruption TV show, People Will Not Forget. The 60-year-old official is now accused of many crimes described in the show, including graft, extramarital relations and nepotism.

A former solider who fought in the China-Vietnam war, Xiang was an audit bureau official after obtaining a bachelor's degree from Renmin University of China and a master's degree from Nankai University. After 20 years of tenure at different audit bureaus, first in Nanjing then at the central government's audit bureau, Xiang joined the People's Bank of China in 2004 as deputy governor. He was president at the Agriculture Bank of China from 2007 onward until he became chairman of the Chinese insurance regulator.

Chinese President Xi Jinping has launched a major campaign against corruption, which has seen many high level government and military officials and business personalities being probed or sentenced. Some say the effort is designed to weaken powerful regional political and economic networks in order to secure a tighter central control under Xi himself.

At the insurance regulator, Xiang streamlined the governance of auto insurance claims and relaxed investment channels for insurance funds. He also broadened channels for capital supplement, launched bonus insurance and universal insurance rate formation mechanism reforms.





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