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Beijing’s top anti-corruption authority announced Sunday that it has opened a formal investigation into Ouyang Weimin, the former head of the China Development Bank, citing suspected serious breaches of party discipline and legal standards. The Central Commission for Discipline Inspection, working alongside the National Commission of Supervision, offered no additional specifics regarding the allegations in its terse announcement.
Ouyang, who entered the Communist Party workforce in 1986, spent much of his professional early years working at the People’s Bank of China before advancing to higher-level roles. His career trajectory led him to serve as vice-governor of Guangdong province, the prosperous region bordering Hong Kong, before taking the helm of the China Development Bank in 2019 as both president and deputy party secretary.
The veteran financial official departed from his position as bank president in 2023. The China Development Bank, established in 1994, functions as a state-owned development finance entity reporting directly to the State Council and focuses on underwriting economic initiatives in strategic sectors and economically disadvantaged regions.
The investigation reflects the broader anti-corruption efforts pursued under President Xi Jinping’s administration, which has targeted numerous government officials and military figures over the past decade. Observers have suggested that such campaigns serve dual purposes, including the removal of potential political adversaries.
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