China strips former bank regulator head of parliamentary seat over 'serious violations'

Li Yunze, the former head of China's National Financial Regulatory Administration has been stripped of his seat in China's parliament for "serious violations of discipline and law", according to an official announcement.

Li is no longer a deputy to the 14th National People's Congress, said the statement last week from the standing committee of the Sichuan provincial legislature.

Reuters reported in April that Li had been demoted to a mid-level position at the country's top banking regulator due to a suspected violation of discipline. Ding Xiangqun was named as the new head of the NFRA in June.

Last week's statement marks the first time that authorities have commented on why Li may have fallen from grace.

Reuters was not able to reach Li for comment.

Li, 55, was the first official born in the 1970s to attain ⁠a ministerial-level ​post at a central government agency. He was appointed as the NFRA's head in May 2023.

Before taking up the regulator's top job, Li served as vice governor of Sichuan. 

Reuters

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