# Bad Debt

A Pillar of Risk: The Downfall of Henan’s Bad-Debt Manager Highlights China’s Financial Cleanup

Li Jianguo, the former head of Henan’s top state-owned asset management firm, has been expelled from the CPC for causing massive state losses and deep-seated corruption. The case highlights the vulnerabilities within China's provincial bad-debt managers and signals a continued high-pressure anti-graft campaign in the financial sector.