China Executes Ex-Huarong Executive in Escalating Anti-Corruption Crackdown

By Regina Pasipanodya

To display a zero-tolerance stance on corruption, China has executed Bai Tianhui, the former general manager of China Huarong International Holdings, for accepting bribes totalling over $156 million.

The execution, which was carried out in Tianjin on Tuesday, marks one of the most severe punishments handed down in President Xi Jinping’s sweeping anti-graft campaign.

Bai’s conviction stemmed from a series of corrupt dealings between 2014 and 2018, during which he allegedly offered favourable terms in project acquisitions and financing in exchange for massive kickbacks.

The Supreme People’s Court upheld the death sentence, citing the “exceptionally serious” nature of his crimes and the “especially egregious” damage to public trust and state interests.

China Huarong, one of the country’s largest state-owned asset management firms, has been a focal point of anti-corruption investigations in recent years.

Bai’s former superior, Lai Xiaomin, the company’s ex-chairman, was also executed in 2021 for accepting bribes worth $253 million.

Several other executives from Huarong have faced prosecution, reinforcing the government’s determination to clean up the financial sector.

Unlike many corruption-related death sentences in China, which are often issued with a two-year reprieve and later commuted to life imprisonment, Bai’s sentence was carried out without suspension.

His appeal was rejected earlier this year, and the final review by the Supreme People’s Court confirmed the original verdict.

The execution comes amid a broader crackdown on financial misconduct.

In recent months, high-profile figures such as Liu Liange, former chairman of the Bank of China, and Li Xiaopeng, former head of Everbright Group, have also faced severe penalties for corruption.

The campaign has extended to regulators as well, with former securities chief Yi Huiman placed under investigation in September.

Supporters of the anti-corruption drive argue that such decisive action is essential to restoring public confidence and ensuring accountability in state institutions.

Critics, however, caution that the campaign may also serve political ends by consolidating power and suppressing dissent.

Nonetheless, Bai Tianhui’s execution sends a clear message: in China’s financial sector, corruption is no longer a survivable offence.

As the government continues to tighten oversight and enforce discipline, the cost of betraying public trust has never been higher.