The fierce anti-graft campaign launched by China's new leaders is extending deeper into the country's economic activities as the top anti-graft watchdog has announced the investigation of Jiang Jiemin, chairman of the State-owned Assets Supervision and Administration Commission.

The Party's discipline inspection commission announced on its website on Sunday that Jiang was being investigated for "serious discipline violations".

Jiang was elected as a member of the 18th CPC Central Committee in November and nominated as the head of the ministerial-level State assets regulator in March. The investigation makes him the first member of the 18th CPC Central Committee to be investigated and the first chairman of the regulatory body to face such a probe since the Assets Supervision and Administration Commission was established a decade ago.