Beijing launched a sprawling campaign to counter graft in 2012, following the ascension of leader Xi Jinping to the top of the governing Communist Party.
Since then, some 4.8 million party officials have been investigated, according to the latest official figures from June 2022.
Such investigations generally result in convictions and are suspected of serving as a tool for sidelining political figures seen as opposing Xi.
Cai Esheng was found guilty of accepting 407 million yuan ($57.5 million) in bribes while in office, state broadcaster CCTV reported, citing a decision by a court in Zhenjiang.
He was also said to have taken an additional 110 million yuan in bribes after retiring.
CCTV reported he was sentenced to death with a two-year reprieve, which will be commuted to life in prison.
Born in 1951, Cai spent most of his career in finance and served for eight years as a vice-chairman of the country's banking regulator.
Now retired, he came under scrutiny in 2021 with the launch of an investigation into "serious violations of discipline and the law" -- wording that typically designates acts of corruption or embezzlement.
The former executive also served as a senior Communist Party representative to the banking regulator.
The conviction comes during a particularly active period for the crackdown on China's finance sector.
On Thursday, a former head of China's central bank was sentenced to more than 16 years in prison for corruption.
A legislative gathering on Friday saw the adoption of an amendment that provides tougher penalties for corruption, according to state news agency Xinhua.
Chinese ex-central bank executive sentenced to 16 years for graft
Beijing (AFP) Dec 28, 2023 -
A former senior official at China's central bank has been sentenced to more than 16 years in prison for corruption, Chinese media reported on Thursday.
Sun Guofeng, formerly head of the monetary policy department at the People's Bank of China, exchanged information for bribes totalling 21 million yuan ($3 million), according to financial news site Caixin, citing a document released by prosecutors.
Sun also used inside information about a Shanghai-listed company to make gains on the stock market, according to Caixin.
The 51-year-old was investigated last year on suspicion of "serious violations of discipline and law", a byword for alleged corruption.
Sun was sentenced to 16 years and six months in prison, Caixin and several Chinese media reported on Thursday, citing judicial authorities.
The sentence, one of the heaviest for this type of case, comes as China's financial sector is increasingly in the crosshairs of President Xi Jinping's vast anti-corruption campaign.
Those placed under investigation are usually convicted.
Last month, Sun Deshun, the former president of the state-owned China Citic Bank, was sentenced to life in prison for illegally receiving property valued at over $130 million.
Also in November, the Communist Party announced that Zhang Hongli, previously the vice chief of the Industrial and Commercial Bank of China (ICBC) -- one of China's biggest state-owned banks -- was under investigation for suspected corruption.
Li Xiaopeng, the former boss of China's state-owned banking giant Everbright Group was arrested on charges of taking bribes in October.
Xi has waged a sweeping campaign against deep-seated official corruption since coming to power a decade ago.
Proponents say the policy promotes clean governance, while critics say it helps Xi purge political rivals.
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