China Pacific Insurance Group’s former vice president, Xiao Xing, has been sentenced to life imprisonment in the first instance for accepting bribes totaling over 81.48 million Chinese yuan.
On January 13, the Intermediate People’s Court of Xinxiang City, Henan Province, publicly announced the verdict of the bribery case involving Xiao Xing, former member of the Party Committee, executive director, and vice general manager of China Pacific Insurance Group. Xiao Xing was convicted of bribery and sentenced to life imprisonment, with all of his personal assets being confiscated.
The court stated that from 1998 to 2023, Xiao Xing, holding positions such as member of the Communist Youth League Shanghai Municipal Committee’s Department of Area Work, deputy minister of the United Front Work Department, deputy secretary-general of the Municipal Youth Federation, general manager of China Life Insurance Co., Ltd. Pudong New Area Branch, deputy secretary of the Party Committee, deputy general manager, secretary of the Party Committee, and general manager of the Shanghai Branch of China Life, deputy secretary and secretary of the Party Committee, and general manager of Taiping Asset Management Co., Ltd., and member of the Party Committee, executive director, and vice general manager of China Pacific Insurance Group, took advantage of his various positions and the conveniences formed by his powers or positions to directly or indirectly accept a total of over 81.48 million yuan through behaviors performed by other state employees.
In July 2023, Xiao Xing was removed from office, and in January 2024, he was expelled from the Party and his public position and transferred to the judiciary. In April, he was indicted, and on July 11, the first-instance trial was held where Xiao Xing pleaded guilty.
Public records show that Xiao Xing, born in 1971 in Shangrao, Jiangxi, holds a bachelor’s degree in Automatic Control, a master’s degree, and a Ph.D. in Sociology from Shanghai University.
In 2005, Xiao Xing entered the insurance industry and served as the general manager of the Shanghai Branch of China Life Insurance Co., Ltd., chairman of the board of supervisors of China Life Insurance (Overseas) Co., Ltd., and chairman of China Life Trust Co., Ltd.
In 2013, Xiao Xing joined China Pacific, becoming the director and general manager of Taiping Asset Management Co., Ltd. In 2017, he became the vice general manager of publicly listed China Pacific in Hong Kong, and in 2018, he served as the vice general manager of China Pacific Insurance Group and China Pacific Insurance Group (Hong Kong), concurrently holding positions as chairman of Taiping Jin Yun, chairman of Taiping Financial Service, director of Taiping Life, director of Taiping Property Insurance, director of Taiping Pension, and general manager and director of Taiping Assets.
In June 2020, Xiao Xing became the executive director and vice general manager of China Pacific Insurance Group until he was investigated in July 2023. By that time, he had already been working in China Pacific Group for 10 years.
According to previous reports by Caijing.com, Xiao Xing did not come from a financial or insurance background but had worked in the Communist Youth League system in Shanghai early on. Perhaps it was due to this work experience that when Xiao Xing later entered the insurance industry, he heavily relied on the political and business relationships he had accumulated over the years.