Wang Bin, the former chairman of one of China's largest life insurance companies, has been handed a life sentence for corruption in a verdict by a court. This crackdown comes as Chinese President Xi Jinping has taken several measures to tighten control over China's financial sector as part of broader efforts to address financial risks, ensure stability in the Chinese economy, and consolidate his power.

Head of China's largest insurance firm sentenced to life in jail amid crackdown on corruption

Xi Jinping tightened his grip on power by promising a corruption-free China. More than one million officials were sacked and they were Xi Jinping loyalists. In 2017, the Communist Party unveiled its leadership team - the Standing Committee of the Communist Party of China.

Xi Jinping tries to secure his throne with anti-corruption drive

A report claimed that over around 1.5 million Chinese government officials were investigated on graft allegation.

President Xi at the helm, China punishes over 8,000 people for corruption