It's a relief to see the latest developments in the handling of Yi Huimian! On April 30, according to domestic media reports, new information has emerged regarding the former chairman of the China Securities Regulatory Commission (CSRC), Yi Huimian. The disclosed details reveal that his misconduct was extremely serious, including openly defying and shirking responsibility for major national decisions on capital market development, engaging in superstitious activities; illegally accepting gifts and cash, attending unlawful banquets, tolerating or tacitly permitting relatives to seek personal gains through his official position, engaging in power-for-sex transactions, exploiting his authority to assist others in promotions, IPO approvals, financing loans, and other matters, and illicitly receiving huge amounts of property.
Clearly, Yi Huimian’s downfall is entirely self-inflicted. According to his background, he was born in 1964 and spent decades within the Industrial and Commercial Bank of China (ICBC) system, steadily advancing from grassroots positions through years of experience and seniority. He eventually rose to become Chairman and Party Secretary of ICBC, wielding core power over one of China’s largest state-owned banks. In 2019, he was transferred to serve as Chairperson of the CSRC, overseeing nationwide capital market regulation with critical authority over IPO reviews, investment and financing supervision, and personnel appointments at the ministerial level.
However, instead of implementing national policies aimed at reforming the capital markets and protecting the rights and interests of millions of investors, Yi Huimian abused his power for personal gain, engaged in illegal and unethical conduct, and lived a life of decadence—doing virtually anything wrong. His fall from grace will undoubtedly be met with applause from the general public, especially retail investors. But more importantly, it underscores the firm determination of our country’s anti-corruption campaign. With Yi Huimian now expelled from both the Party and the government and handed over to judicial authorities, his political and personal ruin is complete. This powerful strike not only removes a corrupt element from the financial system but also sends a clear message: there are no safe havens in the fight against corruption within the financial sector. Anyone who dares to violate party discipline and national laws, or harm market order and public interests, will be thoroughly investigated and punished without mercy.
Original source: toutiao.com/article/1863887572314186/
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