Chinese Financial Executives Resign in Droves Amid Heightened Scrutiny

Contact Your Elected Officials
The Epoch Times Header

The resignation list includes senior executives such as chairmen and presidents of banks, insurance companies, and securities dealers.

China faces a wave of resignations by chiefs and executives of listed companies and banks as Beijing ramps up a crackdown on the nation’s financial industry.

In a little more than a month, more than a thousand senior leaders of China’s A-share listed companies, banks, and financial institutions resigned for personal reasons, according to Chinese state media reports.

Following Liu Jin’s sudden resignation as vice chairman and president of the Bank of China at the end of August, the long resignation list includes chairmen, presidents, vice presidents, and other senior executives from various levels of banks, insurance companies, securities dealers, and state-owned enterprises.

This wave of departures coincides with Beijing’s intensified purge in the financial sector. By Sept. 18, the Central Commission for Discipline Inspection had listed at least 67 senior finance officials being investigated, disciplined, or expelled from the Chinese Communist Party (CCP) this year.

Du Wen, a former Inner Mongolia Legislative Affairs Office official, and economist Li Hengqing, both U.S.-based, told The Epoch Times that these high-level finance officials are insiders of the CCP system and that their resignations indicate their waning confidence in the economy and anticipation of heightened political risks.

Resignations don’t happen easily, as they require approval from the CCP.

Du said an insider told him that the central authorities did not approve most resignations “over financial stability concerns.” According to him, those bankers and company chiefs would have to remain in their positions, bearing the risks of being interrogated to assist any financial investigations by the disciplinary authorities and even being politically purged.

Li said investment bankers are familiar with all kinds of bad debts and falsified account and audit reports in the financial system and that the CCP won’t want to see them fleeing with this secret.

Some brokerage firms have required investment bankers to hand in their passports and impose conditional restrictions on outbound travel, while others suspended reviews of resignations, according to China’s state media. One report also quoted a financial chief who said he felt that the sector has become an “unfriendly environment” that is going through “one of the worst cycles” and causing “uncertainty about the future.”

By Lynn Xu and Shawn Lin

Read Full Article on TheEpochTimes.com

The Epoch Times
The Epoch Timeshttps://www.theepochtimes.com/
Tired of biased news? The Epoch Times is truthful, factual news that other media outlets don't report. No spin. No agenda. Just honest journalism like it used to be.

The Paradoxical Patriot: The political odyssey of Frank S. Meyer

In his book, Daniel J. Flynn examines the ideological evolution of one of conservatism’s most paradoxical and overlooked architects, Frank S. Meyer. 

This Is America: Target™ Reparations

“This Is America” explores the cultural undercurrents pulling Western...

Blind Man’s Shutdown

Congress is playing the equivalent of Bind Man's Bluff. With the shout “tag your it” they seek to blame the other party for the government shutdown.

A Reluctant Acknowledgment: What Conservatives Can Admire in Everyday Progressives

Admirable ideological qualities seen in liberals and left-wing individuals are those of the everyday believer not their political leadership.

Ensuring Domestic Tranquility

The Supremacy Clause in Article VI of the U.S. Constitution establishes it as the highest law of the land, taking precedence over conflicting state laws.

Hegseth Says Military Has Every Authorization Needed for Strikes on Drug Boats

Defense Sec. Pete Hegseth said the U.S. military is authorized to strike drug-running boats off Venezuela’s coast in the Caribbean Sea.

White House Official Says Layoffs Will Start Soon If Shutdown Talks Go Nowhere

Kevin Hassett said layoffs to federal workforce could occur quickly if negotiations with Democrats to reopen the government don’t lead to progress.

20 Teachers in California Facing Disciplinary Action for Posts on Charlie Kirk

California school districts move to discipline teachers for derogatory social media posts about the assassination of Charlie Kirk.

Trump Coal Boost Gains Momentum as Bids, Land Opened Up

Trump administration accelerates coal expansion with new leases, mine permits, and 13.1 million acres of federal land opened for coal mining.

Department of Energy Cancels $7.5 Billion in Project Funding

The Dept of Energy (DOE) said on Oct. 2 that it had terminated 321 federal grants funding 223 projects, amounting to about $7.56 billion in cuts.

White House Withdraws EJ Antoni’s Nomination to Lead Bureau of Labor Statistics

The White House has withdrawn economist EJ Antoni’s nomination to lead the Bureau of Labor Statistics, the White House confirmed on Sept. 30.

US to Impose 100 Percent Tariffs on Foreign-Made Movies, Trump Says

President Donald Trump announced on Sept. 29 that he will impose a 100 percent tariff on all movies produced outside the United States.

Trump to Host Netanyahu at White House to Discuss Gaza Peace Plan

President Trump will host Israeli Prime Minister Netanyahu at the White House on Sept. 29 to discuss a ceasefire and broader peace plan for Gaza.
spot_img

Related Articles

Popular Categories

MAGA Business Central