The investigation of Fang Xinghai, former vice chairman of the China Securities Regulatory Commission, brings the number of financial officials and executives investigated or punished for corruption since 2021 to more than 400. Fang was placed under investigation last week for serious disciplinary and legal violations. He was a key figure in opening China's capital markets to foreign investors. In 2026 alone, around 50 financial officials and executives have been punished or are under investigation, reflecting President Xi Jinping's strict control over the financial system. Although the number of new cases is beginning to slow, the crackdown that began in 2021 has targeted executives at state banks, trust companies, large financial conglomerates, and has expanded to regulatory agencies and government officials who directly oversee the financial sector.