A key phase of the China's anti-corruption campaign has just begun as China’s anti-corruption watchdog unequivocally said that it will now expand its inspections to the People's Bank of China, the China Banking Regulatory Commission, the China Insurance Regulatory Commission and the China Securities Regulatory Commission (collectively known as "One Bank, Three Commissions) The key words to the new round of inspection is undoubtedly “improper transfer of benefits". Anbound’s chief researcher, Chen Gong, points out that the issues on “transfer of benefits” is far more complicated and of larger scale, precisely why this is the real deep-water region for the anti-corruption campaign. Looking ahead, the war against "improper transfer of benefits" will be a long battle, as long as the anti-corruption campaign continues the issues on this field will continue.