The head of the China Export and Credit Insurance Corporation, the country's only policy-oriented export credit insurer, has been removed from his post and kicked out of the Party over allegations of accepting bribes and causing a $245-million loss to State banks.

Tang Ruoxin, the Party secretary and general manager of the company, was arrested on Aug 21 last year on bribery allegations, the China Insurance Regulatory Commission said on Thursday.

Xinhua