Xi Claims Victory in Anti-Graft Campaign Targeting China’s Banks

(Bloomberg) -- China’s Politburo declared its anti-corruption dragnet of financial institutions a success, in a potential sign of relief for the $59 trillion sector.

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The powerful Communist Party body led by President Xi Jinping made the assessment Friday after reviewing a report on the progress financial institutions have made since the country’s top anti-graft agency launched its campaign, the official Xinhua News Agency said. The Central Commission for Discipline Inspection’s probes had helped strengthen the party’s leadership over the financial sector and prevented risks, the Politburo said, according to Xinhua.

Dozens of officials in the financial industry have been investigated or penalized since the latest corruption crackdown on the sector began in October. The People’s Bank of China was sharply criticized by the disciplinary watchdog in February, along with more than two dozen financial regulators, state banks, insurers and bad debt managers, for failing to meet the objectives of the Communist Party.

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