China's Communist Party expels state-owned insurer's executive accused of graft

SHANGHAI (Reuters) - China's ruling Communist Party has expelled a former chief accountant of state-controlled PICC Property and Casualty Co from the party, accusing him of illegal activities and taking bribes, the anti-graft watchdog said on Wednesday.

The Central Commission for Discipline Inspection (CCDI) opened an investigation into Shen Dong in December, when he was removed from his post as vice president at the insurer.

CCDI said in a statement on its website that it had found Shen had seriously violated Communist Party discipline, conducted illegal activities, and was suspected of taking bribes.

Reuters sought comment from PICC Property and Casualty representatives, but a telephone call and email were unanswered.

President Xi Jinping has stepped up efforts in recent years to weed out corrupt Communist Party officials in the financial sector.

Last week, the CCDI said it was investigating Sun Guofeng, former head of the central bank's monetary policy department, for suspected serious violations of discipline and laws.

In February, the anti-graft watchdog concluded an inspection of institutions including the central bank, the banking and insurance regulator, stock exchanges, commercial banks and asset-management companies, in the country's first coordinated inspection of the sector since 2015.

(Reporting by Jason Xue and Andrew Galbraith; Editing by Simon Cameron-Moore)