China has executed Bai Tianhui, a former general manager of China Huarong International Holdings, for his involvement in corruption. State media reported that Bai was found guilty of accepting over $156 million in bribes while facilitating favorable project acquisitions and financing between 2014 and 2018.

Bai’s execution marks a continuation of President Xi Jinping’s aggressive anti-corruption campaign targeting leaders in China’s finance industry. This campaign has previously seen the downfall of other top officials, including Lai Xiaomin, the former chairman of Huarong, who was executed in January 2021 for accepting bribes totaling $253 million.

Although death sentences for corruption in China typically come with a two-year reprieve before being commuted to life imprisonment, Bai’s case was treated differently. His conviction, initially handed down in May 2024, was confirmed by the Supreme People’s Court, which deemed his crimes “extremely serious” and stated that they had significantly harmed the state and the public.

Bai’s execution took place in Tianjin after he met with close relatives. Media reports did not specify the method of execution.

China’s handling of corruption at high levels has drawn both praise and criticism. Supporters argue that the campaign fosters clean governance, while critics contend that it is also a means to eliminate political rivals. Bai’s execution is the latest in a series of high-profile cases, further underscoring the ongoing scrutiny within China’s financial institutions.