According to state media reports on Friday, a former vice-chairman of China's banking regulator has been handed a life imprisonment sentence, marking the latest development in the country's ongoing crackdown on corruption within its finance sector.

The anti-corruption campaign was initiated in 2012 following Xi Jinping's rise to leadership within the Communist Party, with approximately 4.8 million party officials having been investigated since then, as per official figures from June 2022. These investigations often lead to convictions and are believed to be a means of sidelining political figures perceived as opposing Xi.

Cai Esheng, born in 1951, was found guilty of accepting 407 million yuan ($57.5 million) in bribes, as reported by state broadcaster CCTV, citing a court decision in Zhenjiang. The court sentenced him to death with a two-year reprieve, which is expected to be commuted to life imprisonment.

Having spent the majority of his career in finance and serving as a vice-chairman of the country's banking regulator for eight years, Cai came under investigation in 2021 for "serious violations of discipline and the law," a phrase commonly associated with acts of corruption or embezzlement. He also held a position as a senior Communist Party representative to the banking regulator.

This conviction comes amid an active period for the crackdown on China's finance sector, with a former head of China's central bank being sentenced to over 16 years in prison for corruption just the day before. Additionally, a legislative gathering on Friday resulted in the adoption of an amendment that imposes stricter penalties for corruption, as reported by state news agency Xinhua.

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