Xi launches biggest scrutiny on financial sector – report
China’s President Xi Jinping ordered the country’s Central Commission for Discipline Inspection to brush through at least 25 state banks and other financial institutions to unravel their ties with big private corporations as part of bigger efforts to curb the capitalist developments, The Wall Street Journal reported on Monday citing sources familiar with the matter.
The round of inspections on the financial stalwarts comes shortly after Xi launched a regulatory crackdown campaign on giant technology companies. However, the current investigation is assessed to be the biggest on any sector since he took the presidential office nearly a decade ago.
Following the inspection, individuals found to have engaged in inappropriate dealings will likely be charged with crimes, while entities with similar activity history shall be disciplined.
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