Former Head of Export-Import Bank of China Li Changjun Investigated for Possible Corruption

Former Head of Export-Import Bank of China Li Changjun Investigated for Possible Corruption

Former Head of Export-Import Bank of China for for Beijing and Shenzhen Li Changjun is being investigated for possible corruption by Chinese authority.  The Central Commission for Discipline Inspection (CCDI) had released an official statement that he is being investigated for serious violations of (Communist) party discipline, an announcement that is usually associated with a government official being investigated for corruption.

“Former Head of Export-Import Bank of China Li Changjun Investigated for Possible Corruption”

Earlier in 2018, Li Changjun had reported himself to authorities and admitted to issuing letters of credit or letters of guarantee for personal purposes when he was working at a Shenzhen branch of the Export-Import Bank.  He was the Head of Export-Import Bank of China Shenzhen branch from 2012 to 2016, and thereafter Head of Export-Import Bank of China Beijing branch.

The Export-Import Bank of China is a state-funded and state-owned policy bank that supports China’s foreign trade, investment and international economic cooperation. The bank provides short-term, mid-term and long-term loans approved for foreign trade. This includes export credit, import credit, loans for offshore contracts and overseas investment, concessional loans, trade finance, letter of guarantee and letter of credit.  The bank is also known as the China Exim Bank.

Sources: Caixing Global, China Daily

 

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About Export-Import Bank of China 

The Export-Import Bank of China is a state-funded and state-owned policy bank with the status of an independent legal entity. It is a bank directly under the leadership of the State Council and dedicated to supporting China’s foreign trade, investment and international economic cooperation. With the Chinese government’s credit support, the Bank plays a crucial role in promoting steady economic growth and structural adjustment, supporting foreign trade, and implementing the “going global” strategy. It is committed to reinforcing financial support to key sectors and weak links in the Chinese economy to ensure sustainable and healthy economic and social development. By the end of 2016, the Bank has 29 domestic branches and one domestic representative office in Hong Kong, four overseas institutions, namely, the Paris Branch, Representative Office for Southern and Eastern Africa, Representative Office for Northern and Western Africa, and St. Petersburg Representative Office.

Visit: Export-Import Bank of China

 

 


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Former Head of China Insurance Regulatory Commission Xiang Junbo Investigated for Possible Corruption

Former Head of China Insurance Regulatory Commission Xiang Junbo Investigated for Possible Corruption

Former Head of China Insurance Regulatory Commission (CIRC) Xiang Junbo is being investigated for possible corruption by Chinese authority.  The Central Commission for Discipline Inspection (CCDI) had released an official statement that he is being investigated for serious violations of (Communist) party discipline, an announcement that is usually associated with a government official being investigated for corruption.

” Former Head of China Insurance Regulatory Commission Xiang Junbo Investigated for Possible Corruption ”

In 2012, Xiang Junbo was named in an investigation by U.S. Securities and Exchange Commission (SEC) on JPMorgan Chase, where the bank had offered jobs to relatives of high-ranking officials in China, in exchange for business opportunities.  In 2017, JPMorgan paid more than $250 million for violation of anti-bribery laws in the United States, without admission of any wrongdoings.

He became the Head of China Insurance Regulatory Commission (CIRC) in 2011, and oversaw the transformation of China’s insurance sector.  He liberalised the insurance sector, lifting the cap on equity investment that saw an acquisition spree, growing their assets in 8 years from CNY 6 trillion ($950 billion) in 2011 to CNY 6 trillion ($2.54 trillion) in 2017, more than 2.5 times increase.  Small insurers had also sold controversial insurance products, including short-term products promising high returns with minimal insurance benefits to raise large amount of cash to fund investments in bonds, equities, companies and properties.

Xiang Junbo, aged 61, was a former Deputy Governor of China’s central bank, the People’s Bank of China and former Chairman of one of China’s largest bank, Agricultural Bank of China.  He was born in 1957 in Chongqing, China, and had fought in the 1979 Vietnamese border war.  Thereafter, he went to Renmin University in Beijing and later, received his doctorate in law from Peking University.  He was an auditor at the National Audit Office for 20 years, and in 2004 became the Deputy Governor of the People’s Bank of China.  In 2007, he became the Chairman of China’s  bank, Agricultural Bank of China.  In 2011, he became the Head of China Insurance Regulatory Commission (CIRC).

Sources: SCMP, Bloomberg, Caixin Global

 

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About The China Insurance Regulatory Commission (CIRC)

The China Insurance Regulatory Commission (the “CIRC”), established on November 18, 1998, is authorized by the State Council to conduct administration, supervision and regulation of the Chinese insurance market, and to ensure that the insurance industry operates stably in compliance with law.

Visit: CIRC

 

 


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China’s New Facial Recognition Loan Technology

China’s New Facial Recognition Loan Technology

One of China’s leading financial services providers has released its new face recognition technology. Only six minutes will be required to complete a loan application. This will be the fastest lending platform in China. The new technology allows computers to achieve facial recognition with even greater accuracy than the human eye, 99 percent compared to 97.5 percent.

” Fastest lending platform in China “

Chinese group Ping An is planning to use this technology in its wealth management services offering.

Related Reports: China Daily, Finews Asia, Finextra

 

About Ping An Insurance Group

Ping An Insurance (Group) Company of China, Ltd. (“Ping An” or the “Company” or the “Group”) was established in 1988 in Shekou, Shenzhen. The Group is the first insurance company in China to adopt a shareholding structure. Today, it has become a personal financial services group with three core businesses of insurance, banking and investment, enjoying the concurrent growth of its core and internet finance businesses. The Group’s shares are listed on the Hong Kong Stock Exchange (stock code: 2318) and on the Shanghai Stock Exchange (stock code: 601318).

Visit: Ping An Insurance Group


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