Top Sovereign Lending Official at Exim Bank Under Investigation

[para. 1] A senior executive at the Export-Import Bank of China (Exim Bank), Zhu Ying, who oversaw sovereign lending, has come under investigation as Chinese authorities intensify scrutiny of the bank’s large-scale overseas lending. The investigation, which Caixin reported, is part of a broader crackdown on corruption and irregularities related to the bank’s international loan programs.

[para. 2] Zhu Ying, who served as the deputy general manager of the Sovereign Business Department, was detained by authorities on November 19. He was removed from his position just five days later. The government has not yet made an official public announcement regarding the case. Zhu was significantly involved in debt restructuring in Africa and held a high-profile role in the bank’s operations there.

[para. 3] This development increases pressure on Exim Bank, which is responsible for managing tens of billions of dollars in loans through China’s Belt and Road Initiative. Zhu was taken from the bank’s headquarters in Beijing and moved to Hubei province, where similar previous corruption probes involving Wang Fade and Wu Shaohua also took place. Both Wang and Wu were high-ranking officials linked to concessional lending who were previously investigated.

[para. 4] Zhu, a seasoned bank executive in his 50s, spent most of his professional life at Exim Bank. He returned to lead the newly restructured Sovereign Business Department at the head office in August 2024, a division that wields considerable influence over China’s bilateral, government-backed lending. The department focuses principally on concessional export buyer’s credits — financing tools vital for funding Belt and Road infrastructure projects.

[para. 5] Zhu’s last recorded public engagement was at a meeting with China Energy Engineering Corp. on September 19.

[para. 6] Zhu’s detention has caused concern internationally, due to his prominent involvement in the G20 Common Framework debt relief talks. He was a co-chair on the Zambia creditor committee and considered an expert in African sovereign finance. His unexplained absence from recent negotiations had already raised eyebrows among observers.

[para. 7] A source involved in international debt relief noted Zhu’s absence from several meetings in the latter half of the year, fueling speculation about possible issues.

[para. 8] The investigation reportedly centers on bribes linked to concessional export buyer’s credits, especially in relation to large African infrastructure deals. Exim Bank is the only entity in China authorized to issue these credits, making them a crucial aspect of China’s lending portfolio in Africa, despite representing a small percentage of total loans.

[para. 9] By the end of 2024, Exim Bank’s outstanding loans to African countries amounted to about 400 billion yuan (approximately $56.3 billion). These loans spanned nearly 50 nations and encompassed more than 700 projects in fields such as energy, industry, and infrastructure.

[para. 10] Inside the bank, the Sovereign Business Department is responsible for managing concessional financing — whether to Chinese state-owned enterprises or directly to foreign governments. Policy-driven rather than market-driven, these loans provide substantial project approval discretion to officials.

[para. 11][para. 12] According to sources familiar with sovereign lending, contractors often bribe Exim Bank officials to secure project approvals, since an approved loan virtually guarantees project contracts. Projects can range from 300 million to over a billion yuan, enabling bank officers to profit by adjusting terms like rates and amounts.

[para. 13] The probe into Zhu follows earlier investigations at the bank, including actions against former deputy manager Wang in July 2024 and former concessional loan head Wu in February.

[para. 14] Exim Bank is currently under mounting financial pressures, with its 2024 report showing 6.4 trillion yuan in assets. However, its revenue dropped 55.8% year-on-year to 10.3 billion yuan, and net profit fell 66.9% to 2.9 billion yuan.

[para. 15] After a central government inspection, Exim Bank pledged to strengthen internal controls and curb overseas lending risks. Other Chinese state-owned firms have enhanced compliance: Sinopec identified 127 problematic cross-border payments in 2023, while China State Construction Engineering banned 37 overseas suppliers for bribery.

[para. 16] The State-owned Assets Supervision and Administration Commission has issued new compliance measures as Chinese companies expand globally.