Government · Beijing
China investigates former CSRC vice-chair Fang Xinghai for 'serious violations' as financial crackdown widens
The investigation, announced on 24 July 2026, follows a nearly year-old probe into former CSRC chair Yi Huiman and extends a sweeping anti-corruption campaign that has reached senior military ranks.
In brief
CCDI announced it is investigating Fang Xinghai for suspected 'serious violations of discipline and law', reported by CCTV and Xinhua on 24 July 2026.
Fang, a Stanford PhD and former World Bank economist, served as CSRC vice-chair from 2015 until his removal in 2024, after which he was barred from overseas employment.
The investigation follows nearly a year after the probe into former CSRC chair Yi Huiman and is part of a CCDI campaign that has jailed dozens of bankers; military generals Zhang Youxia and Liu Zhenli were also investigated in January 2026.
On 24 July, Fang failed to attend a Beijing conference where his nameplate was displayed, following his appearance at the World Economic Forum in Dalian in June 2026.
- 2024Removed from CSRC vice-chair post and prevented from seeking job overseas
- June 2026Attends World Economic Forum meeting in Dalian
- 24 JulFails to attend Beijing conference despite nameplate displayed
- 24 JulInvestigation announced by CCTV and Xinhua for 'serious violations'
Investigation announced
On 24 July 2026, state broadcaster CCTV and news agency Xinhua reported that Fang Xinghai, former vice-chairman of the China Securities Regulatory Commission, was under investigation for suspected "serious violations of discipline and law". The probe is being conducted by the Central Commission for Discipline Inspection, the ruling Communist Party's internal investigation body. No details were given on the nature of the violations.
“Fang is suspected of serious violations of discipline and laws and is currently undergoing disciplinary review and supervision investigation.”
Fang Xinghai's background
Fang, who holds a PhD in economics from Stanford University, worked at the World Bank in Washington from 1993 to 1998 and later served as deputy chief executive officer of the Shanghai Stock Exchange from 2001 to 2005. He was appointed CSRC vice-chair in 2015, a role in which he was a prominent interlocutor with foreign investors and frequently attended international conferences. After his removal from the CSRC in 2024, he was prevented from seeking a new job overseas, the Financial Times reported.
Broader anti-corruption drive
Fang's investigation follows a sweeping crackdown on China's financial sector under President Xi Jinping. The CCDI has in recent years targeted dozens of top bankers, detaining and jailing many. Almost a year ago, the anti-graft watchdog launched a probe into Yi Huiman, the former CSRC chair who was ousted amid a steep fall in domestic stock markets. The campaign has also extended to the military; in January 2026, the defence ministry announced investigations into General Zhang Youxia, vice-chair of the Central Military Commission, and General Liu Zhenli, chief of the joint staff of the People's Liberation Army.
Recent activity and absence
Despite the investigation, Fang had continued to attend public events. In June 2026, he participated in the World Economic Forum's meeting in Dalian. On 24 July, he was scheduled to appear at a conference in Beijing, but witnesses said he failed to attend, although his nameplate remained on a table at the event. Such disappearances are common in China for individuals implicated in corruption probes.
What comes next
No announcement has been made on timelines or potential charges. Under China's disciplinary process, Fang could face party expulsion, demotion, or prosecution if found guilty. The investigation adds to a climate of uncertainty for foreign investors who saw Fang as a channel to China's financial regulators.