China Investigates Former Securities Official for Alleged Corruption

Wu Guofang, a former senior official at China’s securities regulator and the current head of Guosen Securities’ investment banking division, is under investigation for alleged severe violations of law and discipline, according to China’s top anti-corruption watchdog.

The announcement was made on Wednesday by the Central Commission for Discipline Inspection (CCDI), which did not disclose specific details regarding the allegations against Wu.

Another Former Official Expelled

In a separate development, Yao Qian, another former senior official at the China Securities Regulatory Commission (CSRC), has been expelled from the Chinese Communist Party (CCP) for violations, including accepting large sums of money and property illegally.

The CCDI’s statement highlighted Yao’s misconduct, further underscoring Beijing’s intensifying crackdown on corruption within the financial and regulatory sectors.

Broader Anti-Graft Campaign

These cases form part of China’s ongoing anti-graft campaign aimed at addressing corruption and misconduct across various industries, including finance and securities. The campaign is seen as a key initiative under President Xi Jinping’s leadership to tighten party discipline and ensure accountability within state institutions and corporations.

The investigation and expulsion of high-ranking officials signal Beijing’s resolve to root out corruption at all levels of the financial regulatory framework.