At least 24 financial officials had been probed and penalized since October 12 when China launched a national anti-corruption inspection focused on financial institutions and regulators. Authorities step up scrutiny over the nation's USD54tr financial system at a time of growing turmoil in the property market. Based on a report from the Central Commission for Discipline Inspection, the officials had worked for top regulators such as the People's Bank of China and China Securities Regulatory Commission as well as state-owned banks including Industrial & Commercial Bank of China. Chinese President Xi Jinping has pressed ahead with his signature anti-corruption campaign after almost a decade in power, most recently focusing on law enforcement. The campaign also comes in tandem with a sweeping crackdown on the country's private sector, which has targeted its biggest technology and property firms.
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