updated 12/8/2009 4:35:06 PM ET 2009-12-08T21:35:06

China executed Tuesday the former manager of a securities company who embezzled millions of dollars — the first execution of an executive from the communist country's financial sector, state media said.

Some wanted Yang Yanming kept alive so he would explain where the 65 million yuan ($9.5 million) went, news reports said. Yang refused to tell.

China has also executed government officials in its long-running fight against corruption, which is a major source of anger among the country's citizens.

The Beijing Evening News said Yang was the first person from a Chinese securities company to be executed.

"Someone has to take responsibility in this case," the 51-year-old Yang told a court in Beijing on Tuesday.

Yang served as general manager of the Beijing securities trading department of the China Great Wall Trust and Investment Corp. from 1997 to 2003.

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