The agency notes that Li Quan's case is not isolated. He joins a growing list of high-level financial executives who have been the subject of a heightened corruption crackdown in China's financial sector since 2021.
In China, a suspended death sentence means that it will only be executed if the criminal commits further crimes during the suspended sentence period.. In the event of suspension of the execution of the sentence, the sentence is changed to life imprisonment.
The court found that Li accepted more than 200 million yuan ($28 million) in embezzlement and bribes between 2010 and 2024.
Li Quan sentenced. For what exactly?
According to the CCTV monitoring report quoted by Reuters, from June 2015 to March 2024, Li Quan used his position as president and chairman of the board of Xinhua Asset Management and chairman of the board of Xinhua Asset Management (Hong Kong) to misappropriate 108 million yuan through illegal schemes.
See also: Corruption in the European Parliament? The traces lead to China
It was proven that while in office he cooperated with other people to illegally obtain income from business activities, using fraud and concealing facts.
The court found that Li accepted bribes worth 105 million yuan between 2010 and 2023.
The rest of the article is below the video
New China Life Insurance – what does it do?
New China Life Insurance (NCI) is a Chinese insurance company founded in September 1996 and headquartered in Beijing. The company operates mainly in the life, health and accident insurance segments, with both individual and institutional clients.
In addition to classic insurance products, NCI is also involved in asset management – it has investment units that invest client funds in various asset classes. The company is also developing services related to elderly care, health and retirement, which is part of its strategy to adapt to demographic changes in China.
See also: China's defense minister under investigation for corruption
New China Life is building a strong sales network, including both insurance agents and bancassurance channels, while investing heavily in digital transformation, developing mobile applications and intelligent customer service platforms. The development strategy also includes growth through investments – recently, the company purchased, among others, significant share in Hangzhou Bank, which proves the merger of the insurance business with the banking sector.
New China Life Insurance is a big player with limited transparency
But New China Life also faces challenges. According to reports by the World Benchmarking Alliance, the company has limited transparency on ESG issues. At the same time, a high allocation of assets to shares may increase investment risk, which is an important element in the analysis of its financial stability.
Despite these difficulties, the scale of NCI's activities is impressive — serves tens of millions of clients, and the assets it manages are large, which gives it significant investment opportunities.
Future plans include further development of pension and health products, strengthening digital channels and deepening cooperation with financial institutions, which may contribute to the company's increasing importance in the Chinese life insurance sector.
