World Economy

China Targets Financial Sector in Corruption Probe

China Targets Financial Sector in Corruption ProbeChina Targets Financial Sector in Corruption Probe

China's anti-corruption watchdog said it would expand its inspections to major financial institutions including the central bank and regulatory authorities, which are already under pressure after a spectacular stock market meltdown.

After a series of probes into large state-owned enterprises, in particular oil firms, the Central Commission for Discipline Inspection, the Communist Party monitor, now plans to target the financial sector, AFP reported.

The new round of inspections will cover the central People's Bank of China, the China Banking Regulatory Commission, China Insurance Regulatory Commission and the watchdog China Securities Regulatory Commission (CSRC), according to a long list posted online Friday night.

China Investment Corp (CIC), the world's largest sovereign fund, commercial banks ICBC and the Bank of China and the country's major insurance companies will also come under scrutiny.

The anti-corruption watchdog will also examine stock exchange operators in Shanghai and Shenzhen, and the parent company of major brokerage Citic Securities.