In economics, physical capital or just capital is a factor of production (or input into the process of production), consisting of machinery, buildings, computers, and the like. The production function takes the general form Y=f(K, L), where Y is the amount of output produced, K is the amount of capital stock used and L is the amount of labor used. In economic theory, physical capital is one of the three primary factors of production, also known as inputs in the production function. The others are natural resources (including land), and labor — the stock of competences embodied in the labor force. 'Physical' is used to distinguish physical capital from human capital (a result of investment in the human agent)), circulating capital, and financial capital.[1][2] 'Physical capital' is fixed capital, any kind of real physical asset that is not used up in the production of a product. Usually the value of land is not included in physical capital as it is not a reproducible product of human activity.

Twenty months after he was taken away for investigation after the 2015 Chinese stock market rout eviscerated trillions of yuan in value, Yao Gang, the former No 2 figure at China’s top securities regulator, has been expelled from the Communist Party, according to a statement by the party’s top discipline watchdog on Thursday afternoon. “As a senior party cadre, Yao lost his ideal and faith. He has no awareness of principals and political rules, and has disturbed the capital market order, violated the political ecosystem in the securities regulator, and is suspected of taking bribes,” said the Central Commission for Discipline Inspections (CCDI) in a s statement on its website.

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“Yao has severely violated the political discipline and rules, using his official power to benefit other individuals and companies, confronting inspection from the authority,” the announcement said. Yao Gang, 55, former vice-chairman of the China Securities Regulatory Commission (CSRC), was placed under investigation for alleged corruption in November, 2015, five months after the onset of a stock crash that wiped out US$5 trillion of market value in weeks, sending jitters through global financial markets. Yao was in charge of initial public offering (IPO) approvals before moving to oversee fixed income and futures markets in late 2015.

Chinese financial media China Business News reported that Yao had been linked to the corruption investigation of Ling Jihua, once the top aide to former president Hu Jintao. “In practise, Yao had been at the helm overseeing China’s IPO approvals for 13 years – every one on this market knows that is a position inscribed with so much power,” said Xiao Lei, an independent financial columnist who writes for Sina and The Beijing News. The CCDI announcement did not make clear what actions by Yao were in violation of his duties. In addition to his expulsion from the Communist Party, the statement said the Ministry of Supervision has decided to remove Yao from his official post, confiscate illegal income, and transfer details of the investigation to the judiciary.