China expels ex-banking regulator Li Yunze from parliament over violations

China's national legislature has stripped Li Yunze, the former head of the country's financial regulatory body, of his parliamentary seat following findings of "serious violations of discipline and law."

The decision was announced last week by the standing committee of the Sichuan provincial legislature, which confirmed that Li is no longer a deputy to the 14th National People's Congress. This marks the first official statement explaining the former regulator's fall from grace.

Li, 55, had been appointed to lead the National Financial Regulatory Administration (NFRA) in May 2023, becoming the first official born in the 1970s to hold a ministerial-level post at a central government agency. Prior to that role, he served as vice governor of Sichuan province.

Reports from April indicated that Li had been demoted to a mid-level position within the banking regulator due to a suspected disciplinary violation. In June, Ding Xiangqun was named as his successor at the helm of the NFRA.

Authorities have not provided further details about the nature of the violations, and Li could not be reached for comment.