FINANCE

Finance Movers and Shakers: Next Asian Infrastructure Bank President Nominated, Former Policy Banker Jailed

Published: Apr. 24, 2025 7:49 p.m. GMT+8

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Zou Jiayi (left), China’s candidate to be the next president of the Asian Infrastructure Investment Bank; Li Jiping, a former executive vice president of the China Development Bank.

Welcome to Finance Movers and Shakers, a newsletter covering significant personnel changes and corruption scandals shaping China’s finance sector.

# Who’s Moving

AIIB’s new presidential candidate

China has nominated Zou Jiayi as its candidate for the next president of the Asian Infrastructure Investment Bank (AIIB), an international development lender backed by Beijing.

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Explore the story in 30 seconds

China has nominated Zou Jiayi to be the next president of the Asian Infrastructure Investment Bank, with the election set for June.
Former China Development Bank executive vice president Li Jiping was sentenced to 14 years in prison for accepting 57.3 million yuan in bribes.
Yang Chao, ex-president of China Life Insurance, and Tao Zhongwei, former ICBC-Axa vice president, face corruption investigations and disciplinary actions.

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Who’s Who

Asian Infrastructure Investment Bank: The Asian Infrastructure Investment Bank (AIIB) is an international development lender backed by Beijing. China has nominated Zou Jiayi, a senior official with extensive experience in global development and international organizations, as its candidate for the bank’s president. The election will be held in June, and if elected, Zou would succeed Jin Liqun, who completes his term in January 2026.

China Development Bank: China Development Bank (CDB) is China’s largest policy bank by assets. The article mentions that Li Jiping, its former executive vice president, was sentenced to 14 years in prison for accepting 57.3 million yuan in bribes between 2001 and 2021, using his position to help companies and individuals secure loans and contracts. CDB has seen several executives implicated in corruption scandals in recent years.

China Life Insurance (Group) Co.: Yang Chao, a former president of China Life Insurance (Group) Co., is under investigation for suspected corruption. The probe is reportedly connected to controversies over personnel appointments. Additionally, Yang’s daughter has been detained due to her involvement in a business deal linked to a Shanghai-based investment management firm. Yang has over 30 years of experience in the insurance and banking industries.

ICBC-Axa Assurance Co. Ltd.: ICBC-Axa Assurance Co. Ltd. is a Sino-French life insurance joint venture backed by the Industrial and Commercial Bank of China (ICBC). A recent scandal involved Tao Zhongwei, former vice president, who was expelled from the Communist Party and dismissed for suspected corruption, including accepting large bribes and abusing her power. The case is linked to probes into other fallen executives at ICBC amid a broader crackdown on financial sector corruption in China.

Industrial and Commercial Bank of China Ltd.: The article mentions the Industrial and Commercial Bank of China Ltd. (ICBC) in connection with a corruption case involving Tao Zhongwei, a former vice president of ICBC-Axa Assurance Co. Ltd., a Sino-French life insurance venture backed by ICBC. Two other former ICBC officials—Li Weiping and Gu Jiangang—have also been implicated in related corruption investigations amid China’s ongoing financial sector crackdown.

AI generated, for reference only