The minister in charge of China’s state-owned assets regulator has been removed from his post as an investigation widens into suspected corruption among Communist party officials.

Jiang Jiemin was fired from his position as head of the State-owned Assets Supervision and Administration Commission, which regulates and holds shares in China’s largest state-owned companies, according to an announcement from the Communist party’s organisation department yesterday.

Mr Jiang is a close associate of Zhou Yongkang, the man in charge of China’s sprawling internal security and intelligence services until March this year, and his downfall has raised expectations that Mr Zhou could be next. Hong Kong and overseas Chinese media have reported Mr Zhou is already under investigation for corruption and two sources have confirmed that investigation to the Financial Times.