Former Deputy Governor of China’s Central Bank Accused of Bribery

State media reports have revealed that Fan Yifei, a former deputy governor of China’s central bank, is facing accusations of receiving substantial bribes during his tenure as a high-ranking official. This development marks the latest episode in China’s ongoing crackdown on corruption, spanning over a decade.

Fan Yifei first came under scrutiny in November 2022 for “suspected violations of discipline and law,” a term commonly associated with allegations of corruption. Since assuming power just over a decade ago, Chinese President Xi Jinping has spearheaded a comprehensive campaign against official misconduct.

According to Chinese state broadcaster CCTV, Fan is alleged to have illegally accepted “property worth more than 386 million yuan ($53 million).” These illicit activities purportedly occurred between 1993 and 2022, as stated in the report.

Following an initial public hearing on the bribery case held in the central province of Hubei on Thursday, the court adjourned, with a verdict expected to be announced later, as per CCTV.

In June 2023, the ruling Communist Party’s internal anti-graft agency, the Central Commission for Discipline Inspection, stated that Fan had “severely violated professional duties” and was suspected of bribery. Consequently, he was dismissed from public office, had his illicit income confiscated, and was referred for criminal prosecution.

While proponents argue that Xi’s anti-corruption campaign promotes transparent governance, critics contend that it serves as a means to eliminate political rivals.

Notably, the recent focus of the anti-graft efforts has been on China’s financial and banking sectors. Li Jiping, the former vice-chief of the state-owned China Development Bank, came under investigation last month, while Tian Huiyu, the former head of the state-backed China Merchants Bank, was handed a suspended death sentence for bribery in February.