China’s communist regime recently expelled a former executive regulator of small and medium-sized banks from the Chinese Communist Party (CCP). After a “fleeing resignation” from her official post, the anti-graft probe accused her of being a typical example of a “revolving door”—an official active in the fields of both politics and business, and aiming to profit from both.
Jiang Liming, a 61-year-old veteran in the financial regulatory sector, was accused of collusion, forgery, accepting bribes, and evading investigation.
A Revolving Door
According to the allegations, Jiang evaded disciplinary punishment by deliberately planning to leave her job, and exploited the influence she had won in her official position to seek huge personal gains in business after her resignation. Her resignation was described as a typical example of an official fleeing their responsibility to serve as a “revolving door” between politics and business.It has been reported that Evergrande Group went on to acquire shares in Shengjing Bank, becoming the bank’s largest shareholder during her time at Evergrande.
Shengjing Bank is a commercial bank with headquarters in Shenyang in northeastern China’s Liaoning Province.
In early 2022, at least four bank executives from Liaoning were among the 43 top bank executives investigated in China.
Current affairs commentator Hui Huyu said that cases of “fleeing resignation” and “revolving doors” are characteristic of the rampant corruption of officialdom under China’s communist regime.
He said, “Everyone just wants to get something and leave as soon as possible, a phenomenon of a disintegrating regime.”
