China Appoints New Anti-Graft Chief to Tackle Financial Sector Corruption

China has appointed Wang Weidong to lead a newly formed committee targeting corruption in the financial sector, which oversees $66 trillion in assets. This move highlights the ruling Communist Party's increased control over the industry. The committee aims to strengthen political supervision, resolve risks, and enhance financial development.

Wang Weidong has been appointed by China to lead a new committee focused on fighting corruption within the financial sector, signaling the ruling Communist Party's tightening grip on an industry managing $66 trillion in assets. The announcement was made through an article published by the Central Commission for Discipline Inspection (CCDI), the nation's top anti-graft watchdog.

The committee, targeting the finance sector within the anti-graft framework, was first mentioned in the article reported by domestic media outlet Caixin. Wang emphasized that the committee will fortify political supervision and promote party building within the financial system.

The initiative aims to ensure comprehensive supervision, risk prevention, and high-quality financial development. The Communist Party has increased control over the financial sector, evident from the establishment of the Central Financial Commission last year. This move aligns with the party's ongoing efforts to curb corruption, leading to the expulsion of senior finance officials and their prosecution on bribery charges. Wang's previous roles include serving as a deputy secretary general of the CCDI in 2016 and leading the local anti-graft body in Tibet in 2019.

(With inputs from agencies.)