China’s top financial sector official arrested for bribery after 8 years in retirement
Cai served as Vice Chairman of the CBRC from 2005 to 2013 and he is charged with corruption after 8 years of retirement.
In the survey results, the CCDI used very harsh language. The findings reveal that Cai abused his financial regulatory power, disrupted the order of financial markets and severely corrupted the political ecosystem of the financial sector, The Global Times reported.
Notably, China is cracking down on those involved in such crimes and this is a key development as this time the arrest involves the name of a very high ranking official. The country is determined to fight corruption involved in the financial sector.
In addition, a number of senior financial government officials have recently been investigated and expelled from the party.
According to The Global Times, the list includes the former deputy head of