Zhang Xiwu, former deputy head of China's State-owned assets supervisory authority, has been demoted for "serious disciplinary violations", the country's top anti-graft authority announced on Monday.

Zhang, 59, has been removed from his position as deputy head of the State-owned Assets Supervision and Administration Commission of the State Council and from his Party positions, and has been demoted to a bureau-level, non-leadership post, according to the Communist Party of China's Central Commission for Discipline Inspection.

The CCDI said he will no longer serve as a delegate to the 18th CPC National Congress and his ill-gotten gains will be confiscated.