China’s Central Commission for Discipline Inspection (CCDI) has placed Wang Bin, the chairman of China Life Insurance Co Ltd, under investigation. The anti-graft watchdog said in a statement that Wang is “suspected of serious violations of discipline and law, and is currently undergoing disciplinary review and investigation”. Wang previously held posts in China's central bank and the Agricultural Development Bank of China before heading the insurance group. China Life said in a statement that it would cooperate with investigations and support Beijing's actions to cleanse the country's political and financial systems. China's CCDI has recently placed the country's financial sector under scrutiny. In October, the bureau deployed teams to 25 financial institutions including the central bank and stock exchanges as part of a campaign to weed out corrupt officials.
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