China’s top anti-graft watchdog has launched an investigation into Yi Huiman, the former chair of the China Securities Regulatory Commission (CSRC), marking the latest high-profile case in President Xi Jinping’s sweeping anti-corruption campaign.
The Central Commission for Discipline Inspection (CCDI) announced on Saturday that Yi is suspected of “serious violations of discipline and law,” a phrase commonly used in corruption cases. He is now under official investigation.
Yi, 59, was removed last year from his dual roles as chair and party secretary of the CSRC during a sharp downturn in China’s stock market. His departure was widely interpreted by financial industry insiders as Beijing seeking a scapegoat for prolonged market declines. Yi’s predecessor, Liu Shiyu, also left the role after three years and was later investigated.
Before taking over the securities regulator in 2019, Yi served as chair of the state-owned Industrial and Commercial Bank of China (ICBC). The country’s largest lender has become a focal point of corruption probes in recent years, with at least a dozen former executives investigated or jailed. ICBC International, the bank’s offshore unit, has been hit especially hard, with multiple senior leaders detained.
Among those prosecuted was Zhang Hongli, ICBC’s former vice-chair, who was sentenced to life in prison earlier this year for bribery. Another former executive, Cong Lin, was detained in 2022 and has not been seen since.
The latest case underscores both the intensity of Xi’s anti-graft campaign—which has continued unrelentingly throughout his 13 years in power—and the precariousness of leadership positions in China’s financial sector. The CSRC chair is expected to maintain market stability and enforce rules, yet lacks direct control over powerful state-backed funds tasked with shoring up share prices during volatility.
Yi now joins a growing list of senior bankers and regulators ensnared in the campaign, as Beijing tightens its grip on the financial system amid persistent market and economic pressures.
