China's Communist Party expels former Bank of China chairman

The top anti-graft watchdog announced on Saturday that China’s governing Communist Party had ousted the former head of the state-owned Bank of China after accusing him of engaging in illicit activity and accepting bribes. The Central Commission for Discipline Inspection (CCDI) posted a statement on its website accusing Liu Liange of giving loans in violation of the law and creating serious financial hazards. According to the commission, which is in charge of fighting corruption in the 97 million-member party, he allegedly illegally accepted entertainment at private clubs and ski resorts, imported outlawed publications into the nation, and illegally accepted bribes. Before being promoted, Liu, a 1961-born employee of banking and financial organisations such as the central People’s Bank of China and the Export-Import Bank of China, had been working there. In the middle of March of this year, Liu left that job. Two weeks later, state media revealed that the CCDI had launched an inquiry into him over allegations of flagrant disregard for party rules and discipline. Since he was elected as the party’s paramount leader in 2012, President Xi Jinping has made battling corruption a priority in order to achieve the party’s “self-revolution.” A populace tired of pervasive corruption supports Xi’s anti-corruption effort. According to observers, it has also assisted him in consolidating his position by displacing opponents with allies. (With agency inputs)