Media and local officials in Beijing attend an open house hosted by the discipline inspection body of Beijing's Dongcheng district on April 20. The event, which introduced the district's anti-corruption practices and achievements, was part of the municipal government's initiative to invite media and public for supervision. Photo: VCG
As China’s anti-corruption drive pushes further into the financial sector, Li Xiaopeng, former Party chief and chairman of China Everbright Group, has been dismissed from public office and expelled from the Communist Party of China (CCP) and public office for severe violations of discipline and law, according to the Central Commission for Discipline Inspection (CCDI) and the National Supervisory Commission.
Li has been under investigation for abuse of power for personal gain, leveraging his position to benefit from officials’ appointment and selections, and illicitly accepting large amounts of money.
Li is the latest Chinese financial executive to be found guilty in China’s widening anti-corruption drive. Former Bank of China chairman Liu Liange was expelled from the Party on Saturday. Liu was put under investigation for taking bribes and violating financial laws and regulations.
According to the CCDI, former deputy Bank of China governor Fan Yifei was also put under investigation in June and charged with bribery on September 27.
China Everbright Group is one of China's largest financial entities, with subsidiaries including Everbright Bank, Everbright Securities and Everbright International.
Liu Liange was the first former head of a centrally administered financial firm to have been probed since the 20th CPC National Congress held in October 2022.He resigned as chairman of Bank of China in March 2023, and the investigation began at the end of March.
On September 27, the Political Bureau of the CPC Central Committee stressed the importance of the anti-corruption campaign and called for anti-corruption efforts to be stepped up in state-owned enterprises and the financial sector.
