China executes former executive of top banking management firm | Here's why

Beijing: China on Tuesday executed Bai Tianhui, a former executive of a top state-controlled asset management firm for corruption. Tianhui, the ex-general manager of China Huarong International Holdings (CHIH), was found guilty of accepting $156 million for offering favourable treatment for various projects between 2024 and 2018.

The company focuses on bad-debt management as one of China’s largest asset management funds, news agency AFP reported. Importantly, the company has been a major target of the government’s yearlong crackdown against corruption. In 2021, authorities executed Lai Xiaomin, former chairman of the company for receiving a bribe of $253 million. Several other officials of the company were also found guilty of corruption.

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Death sentences for corruption are often commuted to life imprisonment

Death sentences for corruption in China are often commuted to life imprisonment. In Bai’s case, he was first convicted of corruption in May 2024 by a court in Tianjin. However, it was not suspended. He had appealed against his conviction, but it was upheld. China’s Supreme Court also confirmed the decision after review.

"(Bai) accepted bribes of an exceptionally large amount, the circumstances of his crimes were exceptionally serious, the social impact was especially egregious, and the interests of the state and the people suffered exceptionally significant losses", CCTV quoted the SPC as saying.

Bai is the latest high-ranking official to face capital punishment

Notably, Bai is the latest high-ranking official to face capital punishment in China’s crackdown against corruption in the country’s finance industry. In March this year, Li Xiaopeng, the former head of Everbright Group, was awarded 15 years in prison for taking bribes worth 60 million yuan. Even as supporters argue that the anti-corruption campaign promotes clean governance, critics believe it empowers President Xi Jinping to control political rivals.