BEIJING (AP) — China’s highest anti-corruption body announced Sunday that the former president of the China Development Bank is now under formal investigation for suspected serious violations of party rules and the law.
The Central Commission for Discipline Inspection released a brief one-sentence statement confirming that Ouyang Weimin is being investigated jointly by the commission and the National Commission of Supervision. No additional details were provided.
According to state-run outlet China Daily, Ouyang began his professional career and became a member of the Chinese Communist Party in 1986. He spent a large portion of his early career working at the People’s Bank of China.
China Daily also reported that Ouyang previously served as vice-governor of Guangdong, a major economic hub located near Hong Kong. In 2019, he was appointed president and deputy party secretary of the China Development Bank, a position he held until stepping down in 2023.
The China Development Bank was established in 1994 as a state-funded and state-owned financial institution. Its website states that it operates under the direct oversight of the State Council, with a mission to bolster China’s economic growth in key industries and underserved sectors.
The investigation is the latest action under Chinese President Xi Jinping’s sweeping anti-corruption campaign, which has targeted government officials and military leaders alike. Some critics have argued that the campaign has also been used as a tool to sideline Xi’s political opponents.
