Caixin
Jan 27, 2021 03:37 PM
FINANCE

Executive at China’s Biggest Policy Bank Fired on Suspicion of Corruption

What’s new: Wang Xuefeng, a former head of the Shanxi provincial branch of the China Development Bank (CDB), the nation’s biggest policy bank by assets, has been expelled from the Communist Party and removed from public office on suspicion of corruption, according to a statement (link in Chinese) published Wednesday by China’s top anti-corruption watchdog.

Wang, who fell under investigation in August, was found to have taken a large number of bribes in exchange for using his power to facilitate financing deals, and has seriously violated laws and party discipline, according to the statement, although his case is yet to be heard in a court.

The background: Wang, born in January 1961, served as president and party chief of the Shanxi branch from June 2010 to February 2016. His latest role was as a senior expert on the CDB’s expert committee from July 2019 to December 2020.

Wang is one of the latest financial veterans to fall foul of the country’s years-long anti-corruption efforts. In recent years, China’s sweeping campaign to stamp out corruption in financial regulatory agencies and companies has resulted in numerous senior officials and tycoons falling from their lofty positions, including former CDB Chairman Hu Huaibang, who was sentenced to life in prison earlier this month for taking bribes.

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

Related: Ex-Boss of China’s Biggest Policy Bank Sentenced to Life for Bribery

Contact reporter Luo Meihan (meihanluo@caixin.com) and editor Marcus Ryder (marcusryder@caixin.com)

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