As the Chinese Communist Party (CCP) expands its anti-corruption scrutiny of China’s financial sector, some managers at state-owned banks and other financial institutions are seeking ways to recover their passports and leave the country before they come under investigation, according to sources inside China.
Insiders who spoke with The Epoch Times said that China’s disciplinary inspection authorities are reviewing the bank deposits, overseas property holdings, family assets, and departure audits of managers at state-owned financial enterprises. They said the tightening scrutiny has prompted some officials to look for ways to resign—or be removed from their positions—in order to recover passports that are often held by their employers.
The allegations could not be independently verified by The Epoch Times. The CCP has not publicly disclosed the number of institutions or personnel involved in the current round of investigations.
The insiders spoke on condition of anonymity out of fear of reprisal.
A Search for Exit Routes
A source from within China’s financial industry told The Epoch Times that disciplinary inspectors are examining whether managers have attempted to leave their posts before being subjected to internal investigations or exit audits.
“Many people are thinking about how to get out,” he said. “Some try to obtain medical certificates claiming late-stage cancer. Others deliberately create disciplinary problems so the company will fire them, which would allow them to get their passports back. These people have overseas properties and don’t want those assets to be discovered.”
An employee at China Merchants Bank, surnamed Zhang, told The Epoch Times what he characterized as a broad screening of financial-sector managers.
“Banks, insurance companies, public mutual fund management companies, securities firms, and stock exchanges are all conducting background checks on management personnel,” he said. “Investigators are looking at income over the past ten years.”
According to Zhang, news of the inspections has spread within the industry, leading some managers to consider resigning and moving abroad temporarily.
“If you resign voluntarily, people may suspect something,” he said. “So some are thinking of other ways—going overseas for a while and coming back after the situation calms down.”
The CCP has publicly emphasized stricter anti-corruption enforcement in the financial sector.
Chinese state media Xinhua News Agency reported on July 2 that He Lifeng, a member of the CCP’s Politburo and head of the Central Financial Work Commission, called for deeper implementation of central inspection and audit rectification measures and for maintaining “high-pressure” anti-corruption enforcement in the financial system.
The official report did not identify which financial institutions were under investigation, how many managers were being examined, or whether the regime was reviewing the passports and overseas assets of departing personnel.
The insider said the current scrutiny has expanded beyond routine compliance reviews to include bank deposits, overseas real estate holdings, assets held by family members, and changes in funds before and after a manager leaves a position.
Claims of Deliberate Dismissal
One of the allegations circulating on Chinese social media involves a state-owned enterprise executive who allegedly orchestrated being caught driving under the influence because he could not resign normally.
According to the online account, the executive drove after drinking and lingered near a police checkpoint where drunk-driving enforcement was taking place. He was allegedly detained, dismissed by his company the next day, and subsequently had his passport returned by the employer.
The post further claimed that Chinese investigators later attempted to contact the executive, only to discover that he was already in California.
The alleged case could not be independently verified by The Epoch Times.
A retired Chinese civil servant, surnamed Liu, told The Epoch Times that he could not confirm the story but argued that officials seeking to avoid investigation have historically used a variety of methods.
“The financial authorities are asking managers to explain the source of their funds,” Liu said. “Assets whose origins cannot be explained may have to be surrendered.”
He declined to provide further details, saying that discussing specific methods could affect people who are trying to leave the country.
Personal Liberties Curtailed
The CCP has long maintained a system under which many managers at state-owned enterprises and financial institutions must register private overseas travel and surrender their personal passports to their employer for centralized safekeeping.
As long as an employee’s labor and personnel relationship remains with the organization, the individual may have difficulty retrieving their passport independently and traveling abroad.
Together, the regime’s passport-control system, mandatory tenure and departure audits, personal asset-disclosure requirements, and reviews of family overseas holdings create what the insiders described as a double constraint.
Liu said some mid- and senior-level financial officials hope to step down from management positions before formal investigations begin, thereby avoiding continued internal review while still employed.
The financial industry insider said the fact that some people are trying to leave early suggests they believe a broader investigation is coming.
“These people have wanted to leave for a long time,” the insider said. “What changed is that they now think the window may be closing.”
