China's graft watchdog disclosed a bunch of serious problems at the country's securities regulator for recent years, such as illegal share trading by officials' family members, thus helping the head of the regulator to vow to suppress corruption.
The revelations arose at an internal gathering of leading Communist Party members in the China Securities Regulatory Commission or CSRC for short, amid a sweeping anti-corruption campaign initiated more than three years ago by the country’s president President Xi Jinping.
Furthermore, several senior CSRC officials got probed for suspected corruption during the previous summer's stock market crash. For instance, the case included former deputy head of the CSRC Yao Gang as well as assistant chairman Zhang Yujun.
The ruling Communist Party's corruption fighting body, the Central Commission for Discipline Inspection, announced that in addition to illegal share trading by officials' relatives it also disclosed misuse of public funds, private use of public vehicles, unauthorized travel abroad as well as other violations.