Wang Bin (王滨), the former party chief and chair of China Life Insurance, has been expelled from the Chinese Communist Party (CCP) for “severe legal and disciplinary breaches” and placed under formal investigation by party authorities.
The CCP Central Commission for Discipline Inspection (CCDI) announced on on 1 September that Wang had been placed under investigation following preliminary inspections running over the course of nearly eight months.
According to the announcement Wang is accused of “manufacturing and expanding financial risk and engaging in financial corruption”, as well as “refusing supervision and resisting organised inspections.”
Specific details of Wang’s infractions include:
- Borrowing huge sums of money from management and service counter-parties, and owning shares in non-listed companies in breach of regulations.
- Interfering in the economic activities of the market.
- Familial corruption, and long-term extreme indulgence or even assistance for his family members to engage in activities that were in breach of laws and regulations”.
State-owned media reports that Wang is the first senior cadre in the Chinese financial sector to be “toppled” since the start of 2022.
64-year old Wang is a graduate of Nankai University and holds a PhD in economics. Prior to joining China Life Insurance Wang served as vice-president of big state-owned lender Bank of Communications (BOCOM).
In March 2012 Wang was appointed party secretary and chair of China Taiping Insurance, before being appointed to the position of party secretary and chair of China Life Insurance in September 2018.