China's IT Ministry Hit With Corruption Probe Amid US's Attempts To Restrict China's Tech Dominance

China probed the Minister of Industry and Information Technology Xiao Yaqing for "violation of discipline and law."
Xiao's ministry regulated the domestic heavy industry, automobile, telecom, and electronics sectors, overseeing companies from Huawei Technologies Co to Xiaomi Corp XIACY, Bloomberg reports.
He attracted attention following his exclusion from a list of central government officials slated to attend the upcoming Party Congress.
The scandal coincided with the U.S. exploring restrictions on shipments of chipmaking tools to China, including canvassing countries to discourage chipmaking ties with China and approval of its CHIPS Act.
The upcoming monthly Communist Party's Politburo meeting vowed to strive for the "best outcome" for economic growth this year.
The situation unfolded weeks before China's Presidential election, in which President Xi Jinping will likely secure a third term.
Jinping consolidated power over the past decade partly due to a sweeping corruption crackdown.
Before his political career, Xiao was president of Aluminum Corp of China when it bought a $14 billion stake in Rio Tinto Plc RIO with Alcoa Corp AA in 2008.
Earlier this year, China's top economic official offered an unusually public show of support for digital platform companies ahead of the election.
Price Action: XIACY shares traded higher by 0.62% at $8.18 on the last check Thursday.