Former Chinese Vice President Wang Qishan, who was in charge of China Construction Bank’s finances during his tenure, and former Deputy Governor of the People’s Bank of China, Fan Yifei, were sentenced to death with a two-year reprieve today (10th) for committing corruption over 29 years and accumulating nearly 400 million yuan. Wang Qishan, known as a key player in Chinese President Xi Jinping’s anti-corruption campaign during his first term, is seeing several of his former associates falling from grace.
According to reports from China Central Television, on October 10th, the Intermediate People’s Court of Huanggang City, Hubei Province, sentenced Fan Yifei, former member of the Communist Party Committee and Deputy Governor of the People’s Bank of China, to death with a two-year reprieve for bribery. His personal assets were confiscated, and after the two-year reprieve, the sentence will be commuted to life imprisonment with no possibility of reduction, parole, or sentence commutation.
Authorities accused Fan Yifei of accepting bribes totaling over 386 million yuan in various roles held from 1993 to 2022, including positions at China Construction Bank Trust Investment Company and the People’s Bank of China. He was found to have provided assistance to entities and individuals in areas such as loans, financing, and job assignments in exchange for monetary benefits through his personal connections.
The court in Huanggang City stated that Fan Yifei deserved the death penalty, but due to his “voluntary confession of bribery facts not yet known to the investigating agency” and “active return of stolen assets,” his punishment was mitigated.
Fan Yifei, born in 1964, entered China Construction Bank in 1982, became the Vice President of the bank in 2005, and later held positions at the People’s Bank of China before his downfall in November 2022 and subsequent expulsion from the Communist Party of China in June 2023. Official reports had previously accused Fan Yifei of engaging in corrupt practices and financial misconduct.
Fan Yifei had once served as the financial chief under Wang Qishan when he was in charge of China Construction Bank. During Wang Qishan’s term as President of the bank from 1994 to 1997, Fan Yifei held various managerial roles within the organization.
Several other Presidents of China Construction Bank preceded Fan Yifei, and his rise within the Communist Party ranks was boosted by Xi Jinping’s leadership. However, with Xi Jinping’s anti-corruption campaign targeting close aides of Wang Qishan, many of them have faced severe consequences for their actions.
At a banquet in February this year, former President of China Merchants Bank, Tian Huiyu, who was implicated in a corruption case involving 500 million yuan, was sentenced to death with all personal assets confiscated. Tian Huiyu was previously a close aide to Wang Qishan during their time at China Construction Bank. Another former associate of Wang Qishan, Dong Hong, a former deputy head of the Central Inspection Commission, was also sentenced to death with all assets confiscated in January 2022 for embezzling 460 million yuan.
During this year’s “October 1st” banquet, Wang Qishan appeared somber, with little to no expression on his face. When Xi Jinping and other senior Communist Party officials entered, most of the officials applauded, except for Wang Qishan, who remained silent.
In recent years, Wang Qishan has maintained a low profile. An independent commentator once noted that during a dinner gathering in July 2016, Wang Qishan expressed his resignation from supporting his former colleagues, indicating a sense of loneliness and impending fate.
Experts have indicated that the purging of corrupt officials and seizure of assets within the Communist Party are part of Xi Jinping’s initiatives to consolidate power and secure his position. The economic downturn within the Party has led to financial difficulties, prompting senior officials to exploit their positions for personal gain, further worsening the financial crisis.
The recent crackdown on corruption is seen as a move to fund military endeavors and maintain social stability. With Xi Jinping’s focus on militarization and potential conflicts such as in the Taiwan Strait, the Party’s campaign against corruption is not only a means to maintain internal control but also to alleviate financial pressures faced by the government at all levels.