Ex-CIRC chief pleads guilty of taking bribes

Xiang Junbo, former chairman of the China Insurance Regulatory Commission, stood trial on bribery charges on Thursday at the Changzhou Intermediate People's Court in Jiangsu province.

He was accused of abusing his authority and receiving bribes of 19.42 million yuan ($3.04 million).

Prosecutors said that from 2005 to 2017, Xiang took advantage of his posts as a senior official of the People's Bank of China, the Agricultural Bank of China and then the CIRC, offering to illegally help organizations and individuals with project contracts, fast-tracking of applications, and securing loans and promotions.