Xi’s corruption crackdown targets troubled finance sector

Xi has lately vowed to root out deep-seated malfeasance in the finance, banking and state-owned sectors. — AFP

BEIJING: Xi Jinping’s crackdown on official corruption has ripped through a secretive missile force, the Communist Party elite, the national football team, and now risks hammering a finance industry already grappling with an economic slowdown.

Since rising to power a decade ago, Xi has waged a constant campaign against deep-seated graft that has led to the punishment of at least 4.7 million officials, according to a 2022 report by the state-run Global Times.