Corruption investigation expands to finance sector

Several analysts and academics estimated that the impact of anti-corruption campaign will be minimal on the banking sector.

Raymond Yung, financial service leader of PwC China, said: "The recent investigations only involve the personal behavior of certain bank executives and board directors. They will not affect investors' confidence or their outlook for the long-term development of Chinese banks."

Hu Bin, deputy director of the Institute of Finance and Banking at the Chinese Academy of Social Sciences, said: "The investigations will not affect the healthy development of the financial sector because Chinese banks are market-oriented with a sound corporate governance structure. Their daily operations will not be influenced by individuals."

Zhao Xijun, deputy dean of the School of Finance at Renmin University of China, emphasized the necessity of anti-corruption efforts and said the country could only ensure fair competition in the financial sector with the establishment of a sound legal system and information transparency.