Ouyang Weimin, the former president of the China Development Bank, has been placed under investigation for suspected serious violations of both the law and Communist Party discipline. The announcement was made on Sunday by China's top anti-corruption body, the Central Commission for Discipline Inspection, which issued a brief statement confirming that it is conducting the probe alongside the National Commission of Supervision.
While the official statement provided limited information regarding the specific allegations, Ouyang's career history has been highlighted by state media outlet China Daily. According to the report, Ouyang began his professional career and joined the Chinese Communist Party in 1986. Much of his early work was conducted at the People’s Bank of China before he transitioned to regional government, eventually serving as vice-governor of Guangdong, an economic hub located near Hong Kong.
Ouyang was appointed as the president and deputy party secretary of the China Development Bank in 2019, a role he held until his departure in 2023. Founded in 1994, the China Development Bank operates as a state-owned and state-funded finance institution under the direct oversight of the State Council. Its primary mandate is to support national economic development by financing key industries and underdeveloped sectors.
This investigation takes place amid a broader anti-corruption campaign led by Chinese President Xi Jinping, which has targeted numerous officials and military generals. While the government maintains the drive is essential for maintaining integrity, some critics argue the campaign has been utilized to systematically remove political rivals.
