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Xiang Junbo, former chairman of the China Insurance Regulatory Commission, stood trial on bribery charges on Thursday at the Changzhou Intermediate People"s Court in Jiangsu province.

He was accused of abusing his authority and receiving bribes of 19.42 million yuan ($3.04 million).

Prosecutors said that from 2005 to 2017, Xiang took advantage of his posts as a senior official of the People"s Bank of China, the Agricultural Bank of China and then the CIRC, offering to illegally help organizations and individuals with project contracts, fast-tracking of applications, and securing loans and promotions.

In return, he accepted money or gifts directly or through his associate Yang Guang, whose case will be handled separately.

The court found Xiang guilty of abusing his position and authority.

During the trial, prosecutors presented evidence, which was examined by Xiang and his defense attorneys. Both sides have fully expressed their opinions, according to the court.

In his final statement, Xiang pleaded guilty and expressed repentance.

The trial was attended by more than 60 people, including national and local lawmakers, political advisers, journalists and members of the public.

The court will announce its verdict at a later date.

In April 2017, the Central Commission for Discipline Inspection of the Communist Party of China announced that Xiang was being investigated on suspicion of serious violations of the Party"s code of conduct.

He was later expelled from the Party and dismissed from his post.

Xiang, 61, formerly one of the most prominent financial regulators in China, served as deputy governor of the People"s Bank of China from 2004 to 2007. He later served as chairman of Agricultural Bank of China, one of the big five State-owned commercial banks.

He became chairman of the CIRC in 2011.

Xinhua contributed to this story.

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