Caixin
Aug 27, 2020 02:59 PM
FINANCE

Former China Development Bank Official Investigated for Corruption

What’s new: A former head of the Shanxi provincial branch of the China Development Bank (CDB), one of the nation’s three policy lenders, has been put under investigation by anticorruption agencies on suspicion of serious violations of law and Communist Party discipline, according to an official statement (link in Chinese) on Wednesday.

Wang Xuefeng, 59, served as president of the Shanxi branch from June 2010 to February 2016. He is currently a senior expert on the CDB’s expert committee.

What’s the background: China’s sweeping campaign to clean up corruption in its financial regulatory agencies and companies has resulted in numerous senior officials and tycoons falling from their lofty positions. In July, Yang Degao, a former deputy president of the CDB’s Hubei provincial branch, was placed under investigation by antigraft watchdogs.

Hu Huaibang, who retired as CDB chairman in September 2018, was also placed under investigation in July last year. In July, Hu stood trial for allegedly taking 85.5 million yuan ($12.4 million) in bribes.

Quick Takes are condensed versions of China-related stories for fast news you can use.

Related: In Depth: Former Policy Bank Chief Used Personnel Shifts, Strong-Arm Tactics to Funnel Loans

Contact reporter Tang Ziyi (ziyitang@caixin.com) and editor Marcus Ryder (marcusryder@caixin.com)

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