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China investigates former top bank official for suspected corruption


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China investigates former top bank official for suspected corruption

by AFP Staff Writers
Beijing (AFP) Nov 4, 2023
A top official at one of China's biggest state-owned banks is under investigation for suspected corruption, the ruling Communist Party announced Saturday.

The party's top anti-corruption watchdog said Zhang Hongli was "suspected of serious disciplinary and legal violations", an official byword for alleged graft.

Zhang previously served as the vice chief of the Industrial and Commercial Bank of China (ICBC), one of the world's largest banks.

China's President Xi Jinping has waged a sweeping campaign on deep-seated official corruption since coming to power a decade ago.

Proponents say the policy promotes clean governance, while critics say it helps Xi purge political rivals.

Zhang is the latest in a string of finance officials to come under official scrutiny recently over corruption allegations.

China's top prosecutor last month formally arrested former Bank of China chairman Liu Lian'ge following a months-long graft probe.

Li Xiaopeng, the one-time boss of state-owned banking giant Everbright Group, was also arrested on charges of taking bribes.

Xi chaired a rare financial meeting this week aimed at "guarding against and resolving risks" in the sector, state media reported.

The National Financial Work Conference also stressed the need to "strengthen financial supervision... (and) promote finance with Chinese characteristics".

China has charted an uncertain recovery from the Covid-19 pandemic as weak consumption and a slow-motion housing crisis weigh on growth.


Artificial Intelligence Analysis

Objectives:

To investigate Zhang Hongli, former vice chief of the Industrial and Commercial Bank of China, for suspected corruption.

Current

State-of-the-Art and Limitations:

President Xi Jinping has waged a sweeping campaign on deep seated official corruption since coming to power a decade ago, but there are still critics who say it helps Xi purge political rivals.New Approach and Why it Will Succeed:

Recently, a string of finance officials have come under official scrutiny over corruption allegations, and the Chinese government recently held a rare financial meeting to guard against and resolve risks in the sector.

Target Audience:

The target audience for this approach is the Chinese government and the Chinese people.Impact if Successful:

If successful, this approach would help to promote clean governance and strengthen financial supervision.

Risks Involved:

The risks involved in pursuing this approach include potential political implications from the investigation.

Cost :

The cost of pursuing this approach is unclear.

Timeline:

The timeline for achieving results is also unclear.

Success Metrics:

The mid-term and final success metrics for this approach are not specified.

Score for Ability to Interest DARPA: 0/10

This AI report is generated by a sophisticated prompt to a ChatGPT API. Our editors clean text for presentation, but preserve AI thought for our collective observation. Please comment and ask questions about AI use by Spacedaily. We appreciate your support and contribution to better trade news.


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