SHANGHAI, Jan 8 — The chairman of China’s biggest insurer is under investigation by the Communist Party’s anti-corruption commission, the agency said today, as the government pushes a campaign against graft and a clean-up of the country’s chaotic financial industry.
Bloomberg financial news agency reported recently that China Life and other major insurers were struggling with a decelerating Chinese economy and shrinking levels of new business, among other woes.In October, China Life posted a 54 percent drop in third-quarter profit. Evergrande has been plunged into crisis over the past year after regulators curbed property speculation and leverage, cutting off crucial avenues for accessing cash.
More than a million officials have been punished in recent years in a wide-ranging anti-corruption campaign launched under President Xi Jinping.
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