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China Development Bank vice-president detained in corruption probe
- He Xingxiang is the third senior CDB executive to face a corruption probe during President Xi Jinping’s anti-corruption drive
- It comes eight months after former CDB chairman Hu Huaibang was sentenced to life for taking US$13.2 million in bribes
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China’s top anti-corruption agency has detained a senior banker from a leading policy bank for investigation, it said.
The Communist Party’s Central Commission for Discipline Inspection (CCDI) said on Thursday that He Xingxiang, vice-president of China Development Bank (CDB) and a member of its party committee, was under investigation for “suspected serious violations of discipline and law” – a euphemism for corruption.
The 58-year-old is the third senior CDB executive to face a corruption probe under President Xi Jinping’s anti-corruption drive since 2012.
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One of the country’s three leading policy banks, CDB issues loans worth trillions of yuan under the direction of the State Council, China’s cabinet. It plays a crucial role in financing major domestic infrastructure projects and strategic investments overseas, including under the Belt and Road Initiative.
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China sentences Communist Party critic Ren Zhiqiang to 18 years for corruption
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Before joining CDB, He worked at Bank of China, one of China’s four state-owned commercial banks, then was vice-president of Agricultural Development Bank – another of the policy banks, the third being Export-Import Bank of China, which funds the country’s huge trade financing needs.
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