Chinese Securities Official Dismissed for Rule Violation - Watchdog

BY A STAFF REPORTER: An official with China’s securities regulator has been dismissed from his post and expelled from the Communist Party, the anti-graft watchdog said on Friday. The Central Commission of Discipline Inspection (CCDI) said in June last year it was investigating the official, identified as Wang Zongcheng, for suspected violations of laws and regulations. President Xi Jinping has stepped up efforts in recent years to weed out corrupt Communist Party officials in the financial sector. Wang had seriously violated rules by receiving bribes and helping others obtain big profits by using his powers in areas including the issuing of securities, inspection and law enforcement, the CCDI said in a statement.