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CPC launches inspection of financial institutions

BEIJING – Disciplinary inspectors moved into their positions by Tuesday, ready to start a roughly two-month examination of Party committees at 25 financial institutions, according to an official statement.

The new round of inspection is the eighth launched by the 19th Communist Party of China (CPC) Central Committee. A total of 15 inspection teams have been deployed to institutions including financial regulators, banks, stock exchanges and asset-management companies.

A total of 15 inspection teams have been deployed to institutions including financial regulators, banks, stock exchanges and asset-management companies

Highlighting the central role of the financial sector in the modern economy, inspectors said they will base their work on CPC plans and requirements on financial security, high-quality development and the synergy of anti-graft and risk control in the sector.

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They are tasked with looking for political deviations and ferreting out prominent problems that may hinder the sector. They will push party organizations to fulfill their mandates, move forward financial reforms, better serve the real economy, hold fast to the bottom line of no systemic financial risks, and boost high-quality development of the sector.

During the inspection, telephone lines and mailboxes will be set up to solicit complaints and reports on the breach of disciplines by Party officials, added the statement.

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