High-Profile Corruption Cases Emerge in Chinese Financial Institutions, Including $3.2 Million in Bribes

Several high-profile corruption cases have emerged in China, involving former executives from major financial institutions. Wang Yongsheng, former vice president of the China Development Bank, stood trial and pleaded guilty to accepting bribes totaling $3.2 million (23.51 million yuan). Jiang Jie, a former vice-chairman of Xizang autonomous region’s top political consultative body, admitted to taking approximately $31 million in bribes over more than two decades. Additionally, a former president of the Tianjin branch of the Export-Import Bank of China is under investigation for corruption. These cases are part of a broader crackdown on graft within Chinese policy lenders.