Official calls for crackdown on financial corruption

A top discipline inspection official has called for a crack down on inside trading and nepotism within state financial institutions.

To curb corruption being conducted in China's financial system, an effective decision-making system must be implemented to eradicate the phenomenon of a "dictatorship" of few officials, Ma Wen, vice secretary of the Communist Party of China Central Commission for Discipline Inspection, said Thursday.

Financial staff should strictly observe the rules and regulations concerning their payment and post-related consumption and not be extravagant in official reception, urged Ma, who is also the minister of Ministry of Supervision.

Ma said that spouses and offspring of principals of financial institutions are never allowed to intervene in their works concerning financial business in order to prevent any attempt of seeking personal gains by abusing power.

Ma also urged the management of banks to deal with problems widely resented by the people, such as some inexplicit fees charged for banking services, so as to polish the image of financial bodies.