China’s ruling Communist Party has taken the unprecedented step of expelling Liu Liange, the former chairman of the state-owned Bank of China, from the party’s ranks. The move comes as Liu faces allegations of engaging in illegal activities and accepting bribes, according to the top anti-graft watchdog.
The Central Commission for Discipline Inspection (CCDI) revealed that Liu Liange stands accused of unlawfully approving loans, thereby creating substantial financial risks. Additionally, he has been charged with smuggling prohibited publications into the country and accepting bribes while indulging in entertainment at private clubs and ski resorts. The CCDI, responsible for combating corruption within the 97 million-member party, made these allegations in a statement published on its website.
Liu Liange, born in 1961, had a long career in banking and finance institutions, serving in key roles at the central People’s Bank of China and the Export-Import Bank of China. He ascended to the position of chairman of the Bank of China in 2019 but resigned from this post in mid-March of this year.
Just two weeks after his resignation, state media reported that the CCDI had launched an investigation into him, suspecting serious violations of party discipline and laws.
President Xi Jinping’s unwavering commitment to fighting corruption, seen as a critical element of the party’s “self-revolution,” has been a prominent policy initiative since he assumed the role of supreme leader in 2012. Xi’s anti-corruption campaign has garnered public support, addressing widespread graft, and concurrently enabling him to consolidate power by replacing rivals with loyalists, as noted by analysts.
