Purges in Chinese banking. Deputy head of Bank of China expelled from the party

Former vice president of state-owned Bank of China Lin Jingzhen was expelled from the Chinese Communist Party (CPC) on Friday for “serious violations of discipline and law,” state media reported. He is the latest senior official to fall victim to leader Xi Jinping's ongoing anti-corruption campaign covering finance and the military.

Lasting since September last year An investigation by the state disciplinary commission revealed – according to the government agency Xinhua – that Lin “owned, read and shared books on serious political issues”, attended exclusive private clubs, and took part in luxurious dinners and trips.

The 60-year-old, who retired in 2025, was also alleged to have committed extensive corruption, including: by accepting financial benefits in exchange for granting loans or assistance in recruiting employees, as well as illegally holding shares in unlisted companies.

Due to the allegations, Lin was expelled from the CCP, and his case, like many of his predecessors, was referred to the prosecutor's office, which usually results in a conviction.

This decision is part of an anti-corruption campaign conducted among civil servants and managers of state-owned companies by the leader of the People's Republic of China, Xi Jinping.

Supporters of this policy emphasize that it leads to cleaning the system. Opponents say the operation allows Xi to remove potential political opponents.

Lin is not the only Bank of China official under investigation. The former president of this institution, Liu Liange, received a two-year suspended death sentence in 2024 for accepting financial benefits. Fan Yifei, former deputy head of the People's Bank of China, and representatives of the insurance sector, Wang Bin – former president of China Life Insurance and Li Quan – former president of New China Life Insurance, also received such severe penalties as Liu's – also for corruption. A lower penalty, 20 years' imprisonment, was awarded to He Xingxiang, former director of the state-owned China Development Bank.

Although the financial sector remains the main target of law enforcement, the campaign also hits the defense industry and the military. Over the past three years, there has been an unprecedented wave of resignations, including those of Defense Minister Li Shangfu and the commanders of the missile forces responsible for the nuclear arsenal. At the turn of January and February this year. the investigations covered subsequent generals, including Zhang Youxia and Liu Zhenli of the Central Military Commission. On Thursday, it was announced that three deputies and high-ranking defense industry officials, including leading nuclear weapons experts, had been stripped of their mandates.

From Beijing Krzysztof Pawliszak (PAP)

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