China Starts Inspections of Financial Regulators, Largest Banks [BNN Bloomberg (Canada)]
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Source: BNN Bloomberg
The Ministry of Finance, the National Financial Regulatory Administration and the China Securities Regulatory Commission will be targets in the on-site checks by the nation's anti-corruption authorities, broadcaster China Central Television reported late Tuesday. China's biggest state-owned lenders, led by Industrial & Commercial Bank of China Ltd., as well as the main bourses in Shanghai and Shenzhen will also be inspected, according to the report. Central government inspection teams have been stationed in 17 out of the total of 34 entities involved, CCTV said. The inspections, which also include non-financial entities, will last for three months. Similar anti-graft checks on 25 major financial organizations in 2021 heralded sweeping arrests and penalties across the industry. At least 130 financial officials and executives were investigated or punished in 2023 alone, according to Bloomberg calculations based on official announcements. The central bank and the securities regula
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