Wang Yincheng, former deputy Party chief and president of the People's Insurance Company of China, a State-owned enterprise, stood trial and pled guilty to several charges, including accepting a bribe, in Fuzhou Intermediate People's Court in Fujian province on Monday.

A prosecutor from the Fuzhou People's Procuratotrate and Wang and his defense lawyer attended the court procedure, the Court said in a statement.

Wang was accused of taking advantage of his posts at the People's Insurance Company of China from 2006 to 2016 to seek profits for others, including project contracts, promotion of duties, job employment and accepting a bribe of 8.7 million yuan ($1.38 million) in return, the court said.

During the trial, the public prosecution agency showed relevant evidence, and Wang pleaded guilty in court, it said.

Some 48 people from all walks of life attended the public trial.