Bao Fan, founder of China Renaissance Holdings, disappeared in 2023 during an anticorruption campaign led by Xi Jinping, causing turmoil in China's financial industry. He was released after more than two years of detention. His absence raised concerns among financial professionals about confidence and stability, as Bao was pivotal in China's economic landscape. The government aims to restore faith among tech entrepreneurs and address issues like weak consumption and debt in the property sector. Despite his release, the anticorruption efforts remain steadfast and ongoing.
"Bao Fan, founder of China Renaissance Holdings, was released more than two years after being detained by Chinese authorities, amid a sweeping anticorruption campaign in China."
"His disappearance rattled professionals in the financial industry as the anticorruption campaign aimed to curtail the lavish lifestyle of the financial elite, leading to decreased business confidence."
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