Yang Chao, former Party Secretary and President of China Life Insurance Company, has been expelled from the Party.

After investigation, Yang Chao, as a leading member of a state-owned financial enterprise and a member of the Communist Party, has lost his ideals and beliefs, betrayed his original intentions and mission, shaken his political beliefs, and been disloyal and dishonest to the Party; he has a weak sense of discipline, ignored the spirit of the Central Eight-point Regulations, accepted gifts and banquets in violation of regulations, and long-term violated regulations in the allocation and use of official vehicles; he violated organizational principles, did not truthfully explain issues when questioned by the organization, sought benefits for others and accepted property in the promotion of cadres and recruitment of employees; he has breached the bottom line of integrity, continued to engage in unauthorized part-time work, engaged in business enterprises in violation of regulations; he has a corrupt family ethics, long-term condoned relatives to abuse his power or influence for personal gain; intervened in investment activities, illegally accepting huge amounts of property, typical of corruption in the investment field.