Former China Development Bank President Under Anti-Corruption Probe

Chinese authorities have launched an anti-corruption investigation into Ouyang Weimin, the former president of the China Development Bank (CDB), in the latest sign that President Xi Jinping’s sweeping anti-graft campaign continues to target senior officials in the country’s financial sector. The announcement was made on Sunday by China’s top disciplinary authorities.

According to a brief statement issued by the Central Commission for Discipline Inspection (CCDI) and the National Commission of Supervision, Ouyang is being investigated for “serious violations of party discipline and national laws” a phrase commonly used by Chinese authorities when announcing corruption-related investigations. No further details about the allegations or the alleged misconduct were disclosed.

Ouyang, 63, joined the Chinese Communist Party in 1986 and built a long career in China’s financial system. He held several senior positions at the People’s Bank of China, including leading the country’s Anti-Money Laundering Monitoring and Analysis Center and its Payment and Settlement Department. He later served as vice-governor of Guangdong Province before being appointed president and deputy party secretary of the China Development Bank in 2019. He stepped down from the role in 2023.

Founded in 1994, the China Development Bank is one of the country’s three major policy banks and plays a central role in financing infrastructure, industrial development, urbanization projects and overseas investments linked to Beijing’s economic priorities. The institution operates under the supervision of China’s State Council and is regarded as a key pillar of the country’s state-led development strategy.

The investigation into Ouyang follows several other corruption cases involving senior figures in China’s banking industry. In 2024, a former vice president of the China Development Bank was sentenced to 12 years in prison after being convicted of accepting bribes, highlighting the continued scrutiny facing the institution.

The latest case also comes just days after Chinese authorities expelled former Politburo member Ma Xingrui from the Communist Party over corruption allegations, underscoring the broad reach of Xi Jinping’s anti-corruption drive across both political and financial institutions. Analysts say the campaign has increasingly focused on sectors considered strategically important to China’s economy, including banking, finance, technology and the military.

Since taking office in 2012, Xi has made fighting corruption one of the defining priorities of his administration. The campaign has led to investigations and punishments for thousands of officials at every level of government. Chinese authorities describe the initiative as essential to improving governance and restoring public confidence, while some critics argue it has also served to consolidate Xi’s political authority by removing influential rivals.

For now, authorities have not indicated when the investigation into Ouyang Weimin is expected to conclude or whether formal criminal charges will follow. However, under China’s disciplinary process, officials placed under CCDI investigation often face lengthy inquiries before prosecutors decide whether to bring corruption charges.