Xiang Junbo, former chairman of China Insurance Regulatory Commission (CIRC), stands trial on bribery charges on June 14, 2018 at a court in Changzhou, East China's Jiangsu Province. Photo: Xinhua

Xiang Junbo, the former chairman of the China Insurance Regulatory Commission (CIRC), was sentenced to 11 years in prison and fined 1.5 million yuan ($212,880) on bribery charges on Tuesday, according to a court ruling. 

Xiang, 63, told the court that he would not appeal.

The case was heard at the Changzhou Intermediate People's Court, East China's Jiangsu Province on Tuesday. 

Xiang pled guilty to taking bribes and stood trial in 2018. He was charged with accepting bribes totaling 19.42 million yuan from 2005 to 2017 by taking advantage of his positions as a senior official of the People's Bank of China - the country's central bank, the Agricultural Bank of China, and then CIRC.

He also allegedly offered to illegally help some organizations and individuals with project contracting, handling of cases, loan issuance, qualification reviews and job promotions, according to the Xinhua News Agency.

His property and the bribes would be confiscated and handed over to state coffers, according to Tuesday's ruling.

China has stepped up its anti-corruption campaign in recent years, especially in the financial sector.

Last year, former top securities regulator Liu Shiyu surrendered to the anti-graft agency. He was found to have used his position to seek personal gains for others, violated rules on official appointments, helped his relatives illegally purchase properties, and accepted gifts and money.

According to the Central Commission for Discipline Inspection and the National Supervisory Commission, the country's top anti-graft agencies, 32 leading cadres from the financial sector - including banking, insurance, trusts, guarantee organizations, investment and finance - were investigated in 2019.