A senior official at China’s insurance and banking regulator is being investigated by a local anti-graft watchdog in the autonomous region of Inner Mongolia.
Cai Jiangting, 57, is an inspector at the China Banking and Insurance Regulatory Commission, under its law and regulation department, Caixin reported. She has held the role since 2018. The department is tasked with creating regulations for the country’s banks and insurers, as well as coming up with penalties for violators.
According to the report, Cai held different roles in the supervision department of the CBIRC’s predecessor from 2003 to 2014. During that period, many Chinese commercial banks, including Inner Mongolia-based Baoshang Bank, benefited from loose regulation and enjoyed rapid growth. There were allegations that the banks were bribing regulatory officials to turn a blind eye to violations.
The investigation into Cai could be linked to possible misconduct during her tenure in the regulator’s supervision department, said the report, which cited sources with knowledge of the matter.
Li Guorong, a former regulatory official, was accused of taking bribes when he was appointed to overseeing the state takeover of Baoshang Bank. He is also being investigated by the Inner Mongolian anti-graft agency.
In recent years, China has been cracking down on graft in its financial regulatory system. Several high-ranking officials, including former top insurance regulator Xiang Junbo, were ousted and sentenced to jail.
