Former China Bank Insurance Chairman Zhou Gonghua has been expelled from the Party!

On April 3, the website of the Central Commission for Discipline Inspection and the National Supervisory Commission released information stating that Zhou Gonghua, the former Party Secretary and Chairman of Bank of China Insurance Co., Ltd. (hereinafter “Bank of China Insurance”), has been expelled from the Party.

On May 23 last year, Zhou Gonghua was officially announced to have “fallen from grace.” At that time, he had already retired.

According to the latest information from the website of the Central Commission for Discipline Inspection and the National Supervisory Commission, the disciplinary inspection and supervision group of the Central Commission for Discipline Inspection and the National Supervisory Commission stationed at Bank of China, together with the supervisory commission of Handan City in Hebei Province, filed a case and launched an investigation into Zhou Gonghua’s serious violations of discipline and law.

An investigation found that Zhou Gonghua, as a Party member leading official of a centrally administered financial enterprise, abandoned Party principles, betrayed his initial mission, resisted organizational scrutiny, and participated in feudal superstitious activities; disregarded the spirit of the Central Eight-Point Provisions, accepted arrangements for banquets, travel, and other activities that may affect the impartial performance of official duties; violated organizational principles by failing to truthfully report personal matters, and in staff recruitment work improperly sought benefits for others; breached the bottom line on integrity by accepting gifts and cash that may affect the impartial performance of official duties, had the payment of expenses that should have been borne by him handled by others, illegally occupied turnover housing, and used the influence of his post to have relatives undertake engineering projects and obtain substantial benefits; ignored the legitimate rights and interests of the public and encroached upon the benefits of grassroots employees; abused power and acted arbitrarily by improperly intervening in and interfering with credit approval matters in violation of rules, causing major losses to state-owned assets; driven by expanding greed, “borrowed to feed on lending,” and by using the conveniences of his position as well as conveniences formed by his authority or status, sought benefits for others in matters such as credit approval; he illegally accepted huge sums of money.

Zhou Gonghua seriously violated the Party’s political discipline, the spirit of the Central Eight-Point Provisions, organizational discipline, integrity discipline, mass discipline, work discipline, and life discipline. He constitutes a serious violation of duties and is suspected of accepting bribes as a criminal offense, and after the 18th National Congress of the Communist Party of China, he has not shown restraint or stopped his misconduct. He is a typical case of “integrated politics and corruption, and feeding on finance to profit from finance.” His conduct is serious, has had a bad impact, and should be handled in a serious manner. Pursuant to relevant regulations, following a study by the Party committee of Bank of China, it was decided to give Zhou Gonghua the disciplinary punishment of expulsion from the Party. Following a study by the disciplinary inspection and supervision group of the Central Commission for Discipline Inspection and the National Supervisory Commission stationed at Bank of China, it was decided to cancel his retirement benefits in accordance with the rules. His proceeds from violations of discipline and law will be confiscated. Following a study by the supervisory commission of Handan City in Hebei Province, it was decided to transfer the criminal matters suspected of by Zhou Gonghua to the judicial authorities for review and prosecution in accordance with the law, and the assets involved will be transferred as well.

An open public record of his work history shows that Zhou Gonghua was born in May 1962. In July 1995, he graduated from the Graduate School of the Chinese Academy of Social Sciences and obtained a Ph.D. in Economics from the Graduate School of the Chinese Academy of Social Sciences. He is a senior economist.

Zhou Gonghua joined Bank of China in 1995. He successively served as a cadre in the Credit Division No. 2, deputy director of the Risk Management Division in the Credit Management Department, director of Division No. 1 for asset security and preservation, director of the Planning and Management Division for asset security and preservation; deputy secretary and deputy mayor?—assistant mayor of the People’s Government of Yibin City in Sichuan Province and a member of the Party group; assistant president and Party committee member of the Bank of China Sichuan Branch, and vice president; vice president of the Bank of China Beijing Branch.

Zhou Gonghua has served as Chairman of Bank of China Insurance since July 2016. He served as Chairman for 6 years, and retired from that position. In December 2022, Bank of China Insurance announced that Zhou Gonghua, the company’s former chairman, retired upon reaching the statutory retirement age and would no longer serve as a director or as chairman of the company.

On May 23 last year, the website of the Central Commission for Discipline Inspection and the National Supervisory Commission reported that Zhou Gonghua, the former Party Secretary and Chairman of Bank of China Insurance Co., Ltd., was suspected of serious violations of discipline and law and was subject to disciplinary review and supervisory investigation.

Bank of China Insurance is the property and casualty insurance company under Bank of China. It was established in January 2005 with registered capital of RMB 4.54B, and is wholly owned by Bank of China (100%).

Editor: Wang Lululu

Layout: Liu Junyu

Proofreading: Su Huanwen

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