China abruptly removed the Communist Party chiefs from two of its biggest state-owned financial firms, sparking concerns of a renewed clampdown on the sector.
Luo Xi, 62, will no longer serve as party secretary of the People’s Insurance Co. Group of China, the nation’s largest property insurer said in a statement on its WeChat account Friday, without providing a reason. The announcement came days after online criticism that Luo, who remains chairman of the firm, was building a personality cult when the company demanded employees recite his “golden quotes.”
