In the past year, a total of 41 senior officials in China have been investigated for corruption, including 8 at the ministerial level. The recent probe into former chairman of the China Securities Regulatory Commission (CSRC), Yi Huiman, by the authorities marks another significant development in the ongoing anti-corruption campaign initiated by the Chinese Communist Party (CCP). Many experts believe that this intensified crackdown on corruption is a result of CCP leader Xi Jinping’s demand for absolute loyalty from officials, leading to what some describe as an extreme level of zealotry within the party.
On September 6, the Central Commission for Discipline Inspection of the CCP and the National Supervisory Commission announced that Yi Huiman, who was also a vice chairman of the Economic Committee of the 14th National Committee of the Chinese People’s Political Consultative Conference, is under investigation for suspected serious violations of discipline and laws.
Public records show that Yi Huiman has been deeply involved in the Industrial and Commercial Bank of China for 34 years, rising from a grassroots employee to a top executive position. During his tenure as the party secretary and chairman of the CSRC from 2019 to February 2024, the A-share market witnessed a historic downturn, causing widespread discontent among investors.
Under Yi Huiman’s leadership at the CSRC, there was a significant increase in the number of IPOs with a total fundraising amount reaching 2.22 trillion yuan, involving a staggering 1908 companies (including 6 delisted firms) being listed. This amounted to almost a daily debut of a new stock on the market, raising over 1 billion yuan on average per trading day.
The surge in IPO numbers and fundraising scale under Yi’s tenure far surpassed the combined total of his eight predecessors, leading him to be dubbed as the “King of IPOs” in the market. Notably, Yi’s predecessor at the CSRC, Liu Shiyu, had also undergone scrutiny and investigation.
Apart from Yi Huiman, seven other ministerial-level officials have been exposed and fallen from grace this year, including names like Qizhala, Jiang Chaoliang, Jin Xiangjun, Lan Tianli, Bi Jingquan, Liu Hui, and Wang Lixia.
Experts like Zhang Tianliang have suggested that Yi Huiman’s downfall might be linked to allegations of his involvement in the approval process of IPOs and internal corruption issues within the bank. Zhang highlighted that the rapid increase in A-share IPO numbers during Yi’s tenure drained significant capital daily from the Chinese stock market, exacerbating the downward trend.
Looking back at the CCP’s anti-corruption campaign, it’s noted that a substantial number of high-ranking officials have been purged since Xi Jinping assumed office in November 2012. Notable figures like Zhou Yongkang, Xu Caihou, Guo Boxiong, Ling Jihua, Sun Zhengcai, and Su Rong, alongside at least 20 ministerial-level and 130 deputy ministerial-level officials, were implicated during this period.
From the 19th to the 20th Party Congress, a deputy national-level official, 12 ministerial-level officials, and 96 deputy ministerial-level officials were detained. Post the 20th Congress, officials like Wei Fenghe and Li Shangfu at the national level and another 20 ministerial-level and 99 deputy ministerial-level officials faced investigations.
The People’s Liberation Army (PLA) also faced severe disruptions, with the downfall of seven generals including Zhang Yang, Miao Hua, Li Yuchao, and Liu Yazhou and approximately 19 lieutenant generals and 59 major generals succumbing to similar fates.
As observed by Zhang Tianliang, several recently apprehended provincial and ministerial-level officials like Liu Jianchao and Wang Lixia are not integral members of Xi Jinping’s inner circle nor associated with any anti-Xi factions. This casts a contrast to the previous incidents where military figures like Miao Hua and He Weidong, perceived as close to Xi Jinping, were targeted in the clean-up.
Zhang opined, “Xi Jinping demands absolute loyalty akin to servitude from everyone. Any form of reasoning or consideration for personal interests beyond loyalty is seen as disloyalty to the leader.” Xi’s quest is for unwavering personal allegiance, even viewing officials’ motivations through the lens of loyalty to himself. This strict adherence to loyalty doctrine leads to a singular obsession, reflecting an extreme level of paranoia that Xi Jinping has attained, as articulated by the party slogan: “Loyalty must be absolute; lack of absolute loyalty equates to disloyalty.”