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Zhou Xin

A landmark ornamental gate in front of the imposing head office of China Development Bank has been demolished, suddenly and unannounced, prompting speculation over the symbolism of the move.
The gate was not only a sign of the power held by the super-lender that is financing Beijing’s quest for overseas resources – it was one of the most visible sights on Chang’an Avenue, a street used to host military parades for important celebrations.
Some analysts said the bank losing the gate was like losing the diamond from its crown. The lender has been deeply entwined with China’s politics, economic rise and overseas expansion over the past two decades.
The imperial-style gate was seen as a legacy of the bank’s former chief, Chen Yuan, son of the communist statesman Chen Yun.
READ MORE: China’s financial giants hammered in discipline review
The younger Chen had been chief of the bank for 15 years when he retired in April 2013. Under his leadership, the bank was welcomed by local government officials as a reliable source of cheap long-term funds, and it made its name known in places from Venezuela to Russia.
Under Chen’s watch the bank built its glittering new head office on Chang’an Avenue at an estimated cost of 1.39 billion yuan (HK$1.65 billion). Chen attended the launch ceremony three months before officially leaving his position as chairman.
The firm that built the complex described it as “smart, environmentally friendly and shining like a crystal”.

But what caught the eye of most viewers was the splendidly ornate red-golden gate in front of the main building. Its golden dragons, red columns, yellow tiles and white marble bases were a testament to privilege and pride.
Yang Xuebing, the manager of a construction materials factory in a suburb of Beijing, remembered the difficulties in finding the white marble used in the gate. “They wanted stones the size and quality as those in the Forbidden City,” said Yang. “From thousands of cubic metres of stones, only two or three were accepted.”
In ancient China, only emperors were entitled to such grand designs as featuring nine dragons in one gate – and those who ignored the rule could be punished with death.
While the People’s Republic under the rule of the Communist Party officially regards such rules as “feudal dross”, the capital’s architecture has never been immune to political forces.
READ MORE: Corruption found across China’s financial industry
Under President Xi Jinping, the central government has asked the Beijing municipal government to relocate to the suburbs, ordered it to cut down on “weird” architectural works, and proposed that private residential compounds be opened to the public.
On Sunday morning, the gate had gone completely.
Xinhua, the state-run news agency, quoted a bank official as saying the move followed instructions from a party discipline inspection team and was needed to meet “landscape and lighting” requirements along Chang’an Avenue.
An inspection team in February took the bank to task for seeking “extravagance, luxury and pleasure” with its oversized offices.
The team did not mention the gate specifically, but others have made the link.
“The gate is a typical example of the bank’s problems of pursuing excessive luxury and grandeur,” said Zhuang Deshui, an anti-graft researcher with Peking University.
“Demolishing the gate is a symbol and a beginning – the authorities will continue to clean up irregular things within the China Development Bank and even the whole financial system.”


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A symbol and a beginning: What caused destruction of Chinese super-bank’s grand landmark gate? 

The traditional-style gate in front of China Development Bank is demolished overnight. Photo: Xinhua

A splendid traditional-style gate in front of the imposing head office of China Development Bank.

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China

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A symbol and a beginning: What caused destruction of Chinese super-bank’s grand landmark gate?

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READ MORE: China’s financial giants hammered in discipline review