What’s new: Tong Daochi, the former Communist Party chief of southern China’s scenic city Sanya in Hainan province, pleaded guilty in court Thursday in Shenzhen to charges of insider trading and accepting 274 million yuan ($43 million) in bribes.
Tong, 55, was accused of using his positions as a senior securities regulator and Sanya government official between 2004 and 2020 to offer business favors and promotion opportunities. His sentence will be announced at a later date.
Also a member of the provincial party standing committee, Tong was placed under investigation by the Central Commission of Discipline Inspection (CCDI) in November.
The background: Tong was the first senior official investigated after the November plenary session of the party’s central committee. His downfall followed a series of investigations into alleged wrongdoing by other senior civilian and military officials in Hainan.
Tong began his political career after returning to China from studying in the United States, taking up a post in Beijing at the China Securities Regulatory Commission (CSRC) as a policy planning official in 2000. After working at the CSRC for 14 years, Tong was promoted to assistant minister at China’s Ministry of Commerce from 2014 to 2016.
He then spent two years as a deputy governor of Central China’s Hubei province before arriving in Hainan in 2018 as a party provincial standing committee member followed by his elevation to party chief of Sanya.
Contact reporter Han Wei (weihan@caixin.com) and editor Bob Simison (bobsimison@caixin.com)
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