The Chinese government executed Bai Tianhui, a former high-ranking executive at China Huarong International Holdings, after multiple appeals failed to overturn his death sentence. Bai’s conviction stemmed from accepting over $150 million in bribes while serving in senior roles within the massive state-run finance conglomerate, which has been at the center of corruption scandals and a multibillion-dollar government bailout.
Bai held key leadership positions in Huarong’s international subsidiaries, including its Hong Kong branch. According to court rulings, he exploited his authority to influence corporate financing decisions and project acquisitions in exchange for substantial cash payments, real estate, and other benefits. The court characterized the case as involving “particularly huge” bribes and cited the “especially significant losses to the interests of the state and the people” as justification for the capital punishment.
His execution, carried out following standard Chinese legal procedures, marks the second high-profile instance in which the Chinese Communist Party has sentenced a Huarong executive to death. In 2021, former Huarong chairman Lai Xiaomin was executed on similar charges. Bai, like Lai, was reported to have cooperated with authorities during the investigation, revealing details of additional crimes and systemic misconduct within Huarong. Despite his cooperation, the court declined to reduce the penalty.
Huarong, often referred to as a “bad bank,” has played a pivotal role in absorbing distressed assets from Chinese financial institutions. However, poor investment decisions and risky bets had threatened the financial stability of the institution, prompting a government bailout in 2022 totaling approximately $6.6 billion. The fallout from Huarong’s mismanagement raised broader concerns about the financial health of China’s state-owned enterprises and the level of corruption embedded within them.
Bai is one of six Huarong executives facing legal scrutiny, with others still under investigation. The Chinese government continues to push forward with its sweeping anti-corruption campaign, which has so far ensnared over 1.5 million party officials. The recent sentencing of Gou Zhongwen, a former Beijing vice mayor, to death for bribery further emphasizes the extent of this ongoing crackdown.
These executions highlight Beijing’s aggressive approach to purging corruption from its state-owned financial infrastructure and send a clear signal that even the most senior officials are not immune from harsh consequences.
