(China, 15th) The Chinese Communist Party continues to intensify its anti-corruption efforts in the financial sector. Last weekend, Chinese People's Insurance Group's former Vice President Yu Xiaoping was reported to have fallen from grace, nearly nine years after her retirement.
On the official website of the Central Commission for Discipline Inspection and National Supervisory Commission last Saturday (June 13), it was announced that Yu Xiaoping is under investigation for suspected serious violations of discipline and law, and is currently undergoing disciplinary review and supervisory investigation.
Public records show that Yu Xiaoping is currently nearly 69 years old. She graduated from Tongji University in January 1982 with a Bachelor's degree in Engineering, and from Renmin University of China in July 1988 with a Bachelor's degree in Economics. Before joining PICC Group, she had worked for a long time in the banking system, serving at China Construction Bank and China Development Bank.
From January 2010 to January 2014, Yu Xiaoping served as the Chief Investment Officer and other positions at PICC Group; in October 2013, she became Vice President of PICC Group, and retired in August 2017.
From January 2010 to January 2014, Yu Xiaoping served as the Chief Investment Officer and other positions at PICC Group; in October 2013, she became Vice President of PICC Group, and retired in August 2017.
Caixin quoted a person close to PICC Group as saying that Yu Xiaoping's work style was relatively strong-willed, "She had her own ideas and was decisive."
According to a previous report by National Business Daily, after Yu Xiaoping joined PICC Group as Chief Investment Officer, the group internally added an Investment and Financial Management Department.
At that time, a senior executive of the group said that hiring a Chief Investment Officer and adding the Investment and Financial Management Department was mainly to coordinate and streamline the relationships between PICC Asset, PICC Investment Holdings, and PICC Capital—the three investment-related subsidiaries. These three subsidiaries each focus on different areas of investment, but inevitably there would be overlaps and conflicts in actual operations. Therefore, the role of Chief Investment Officer was that of business coordinator, but would not directly participate in investments.
According to a previous report by National Business Daily, after Yu Xiaoping joined PICC Group as Chief Investment Officer, the group internally added an Investment and Financial Management Department.
At that time, a senior executive of the group said that hiring a Chief Investment Officer and adding the Investment and Financial Management Department was mainly to coordinate and streamline the relationships between PICC Asset, PICC Investment Holdings, and PICC Capital—the three investment-related subsidiaries. These three subsidiaries each focus on different areas of investment, but inevitably there would be overlaps and conflicts in actual operations. Therefore, the role of Chief Investment Officer was that of business coordinator, but would not directly participate in investments.
Just not long ago, another Vice President of PICC Group, Yu Ze, was "double dismissed" (expelled from the Party and dismissed from public office). The official report stated that Yu Ze read books with serious political problems, accepted banquets that could affect the impartial execution of official duties, sought benefits for others in job promotions, and accepted money and gifts, became addicted to pleasure, and illegally received huge amounts of property.
However, judging from their resumes and respective work areas, Yu Ze and Yu Xiaoping do not seem to have been investigated for the same reasons. Some industry insiders speculate that the problems involving Yu Xiaoping may mainly stem from her period of employment in the banking sector.