He was dismissed as one of six deputy naval commanders after the woman reported him in January, Xinhua said.
The announcement was the first mention of Wang's case by Chinese state media.
Thousands of government and Communist Party officials have been punished, and some executed, in recent years in an effort to stamp out corruption that threatens to undermine public acceptance of communist rule. But such a case against a senior member of the politically active military is rare.
Xinhua didn't give any details of the corruption case against Wang or say what criminal charges he faced. But other commanders have been accused of embezzlement, smuggling or taking bribes from contractors or officers seeking promotion, the AP reports.
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