Junbo Xiang was placed under investigation in April by the Central Commission for Discipline Inspection (CCDI) and sacked a week later.
In a statement on its website on Saturday, the CCDI said an investigation had determined that Xiang had “committed serious violations of political discipline and rules” in order to serve personal political interests, reports newswire Reuters.
He was also accused of “engaging in superstitious activities”, an allegation often levelled at discredited officials to further tarnish their names.
Xiang, the most senior financial regulator to be target as part of the crackdown on corruption, will be handed over to legal authorities, the statement added.
Anti-graft
Since coming into power in 2012, president Xi Jinping has overseen a far-reaching anti-corruption drive that has punished more than a million party members and jailed top military figures.
The country’s leaders have pledged to address financial risks and asset bubbles ahead of the five-yearly congress of Communist Party to be held on 18 October.
Liberalisation
Xiang took control of the CIRC in 2011 after serving as chairman of the Agricultural Bank of China. He was also a former vice chief of the National Audit Office and served as a member of the central bank’s monetary policy committee.
Under his leadership, China’s insurance industry grew rapidly and investment rules were liberalised to provide insurers greater latitude to invest more assets at home and overseas.
