Some more functionaries of the Chinese Communist Party (CCP) have been axed on the charge of corruption and violation of party discipline.

Prominent amongst them are Wang Bin, Shen Deyong, and Hao Chunrong. All of them have been dismissed from the CPC as also public office.

A former chairman of China Life Insurance Company, Wang is charged with ‘creating and magnifying’ financial risks.

The chargesheet against him reads like a virtual indictment of the way Chinese financial and banking system runs these days.

Wang headed the China Taiping Insurance Group before taking over the reins of China Life Insurance in 2018. He was executive director of China’s Bank of Communications for a long time.

According to the Central Commission for Discipline Inspection (CCDI), Wang used ‘public power as an instrument to reap huge personal profits’ and took ‘advantage of his position to benefit others in loan financing and project cooperation, and receiving large amounts of money and property’.

A more serious charge is that he ‘interfered with and meddled in market economic activities, conniving and helping his relatives to carry out activities in violation of disciplines and laws’.

“Wang was found to have created and magnified financial risks as well as engaged in financial corruption, having received bribes in violation of laws and accepted travel arrangements and banquets that ran against his official duties”, said the CCDI investigation report.

Shen Deyong is a former senior political advisor and member of the 19th Central Committee. He stands expelled from the party and dismissed from public office.

“Shen’s activities have gravely breached Party discipline and constituted significant violations of duty-related laws. Shen is also suspected of the criminal offense of accepting bribes”, said an official announcement.

Also shunted out in disgrace is Liu Yanping, former head of the discipline inspection and supervision group of the central disciplinary authority. The charge against him: “Liu Yanping had completely degenerated politically”. The investigators said he had joined Sun Lijun’s political gang, wantonly abused power and engaged in superstitious activities for a long time.

A leading light of Liaoning provincial government, Hao Chunrong has been shown the door with the disciplinary body saying that he has ‘lost his ideals and convictions’ and has been ‘accepting gifts and banquets’###