BEIJING: China has executed Bai Tianhui, a former top executive of state-controlled China Huarong International Holdings (CHIH), after he was convicted of accepting more than $156 million in bribes, Chinese state media reported on Tuesday.
Bai served as the general manager of CHIH, a subsidiary of China Huarong Asset Management, one of the country’s largest bad-debt management firms. He was found guilty of providing favourable treatment in project acquisitions and financing between 2014 and 2018 in exchange for massive bribes.
China Huarong has been one of the key targets of President Xi Jinping’s long-running anti-corruption campaign. The company’s former chairman, Lai Xiaomin, was executed in 2021 for taking bribes worth $253 million, and several other Huarong executives have also faced corruption investigations in recent years.
Although Chinese courts frequently impose death sentences with a two-year reprieve, later commuted to life imprisonment, Bai’s sentence was not suspended. He was initially sentenced in May 2024 by a Tianjin court, and his appeal was rejected in February. The Supreme People’s Court upheld the ruling, stating that Bai’s crimes were extremely serious and had caused significant losses to the interests of the state and the public.
State broadcaster CCTV reported that Bai met with close relatives before his execution on Tuesday morning. Authorities did not disclose the method used.
China classifies its death penalty statistics as state secrets, but rights groups believe thousands of executions take place every year. Bai’s case adds to a series of high-level punishments in China’s financial sector.
In recent months, former securities regulator chief Yi Huiman was placed under investigation for corruption. Earlier this year, former Everbright Group head Li Xiaopeng was sentenced to 15 years in prison for taking 60 million yuan in bribes. In November 2024, Liu Liange, former chairman of the Bank of China, received a death sentence with a two-year reprieve for accepting bribes totalling 121 million yuan.
Supporters of Xi’s anti-corruption drive say it promotes clean governance, while critics argue it also strengthens his ability to eliminate political rivals.
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