Liu Liange, the former chairman of the Bank of China, was arrested on Monday by the Supreme People’s Procuratorate on corruption charges. This significant event marks a new milestone in President Xi Jinping’s ongoing anti-corruption campaign. Liu, who led the bank from 2019 until March 2023, faces accusations of bribery, providing illegal loans, and smuggling banned publications, as reported by Xinhua.
The arrest comes after Liu’s expulsion from the Chinese Communist Party, following allegations of illicit activities from the anti-corruption watchdog. Prior to his arrest, Liu held high-ranking positions within the central bank and the Export-Import Bank of China. His arrest follows his resignation from these roles in February 2023.
The case against Liu bears similarities to that of Wang Bin, the former chairman of China Life Insurance. Wang was sentenced to life without parole for accepting $44.6 million in bribes. These instances indicate a broader crackdown on corruption within state-owned enterprises in China.
Critics have raised concerns that President Xi is using corruption charges to eliminate political rivals. However, supporters argue that these actions are necessary for fostering clean governance within China’s public sector.
The case against Liu is now under legal review by the Supreme People’s Procuratorate. This development underscores the increasing intensity of President Xi’s anticorruption campaign and its impact on China’s financial sector.
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