Senior official with China’s new financial regulator targeted in corruption probe just a week into the job

by William Zheng at

A senior official from China’s new financial regulatory body has been detained by the country’s top anti-corruption watchdog, according to official announcements.

The Central Commission for Discipline Inspection (CCDI) said on Tuesday that Ren Chunsheng, leader of the preparatory team for the Complaint Mediation Centre of the National Financial Regulatory Administration (NFRA), was under investigation because he was “suspected of serious violations of discipline and law” – a euphemism for corruption.

Ren, 55, appears to have joined the administration earlier this month, serving at the agency for about a week before his detention. He is the first senior official at the new financial regulator to be targeted in an anti-corruption investigation.

The NFRA was established in March of last year as part of a major overhaul of Communist Party and state organs.

As part of that overhaul, Beijing established a powerful Central Financial Commission, led by Premier Li Qiang, to decide the general direction of financial regulation. The NFRA was founded to serve as the execution and enforcement arm of the commission’s decisions.