China investigates former China Development Bank president for discipline violations

China's top anti-graft watchdog announced an investigation into a former president of the China Development Bank on suspicion of serious violations of party discipline and the law. The Central Commission for Discipline Inspection issued a one-line statement that Ouyang Weimin is being investigated jointly with the National Commission of Supervision. No additional details were provided.

Career background State media China Daily reported that Ouyang joined the Chinese Communist Party and began his career in 1986. He spent much of his earlier career at the People's Bank of China. Ouyang later served as vice-governor of Guangdong province and was appointed president and deputy party secretary of the China Development Bank in 2019. He stepped down from the presidency in 2023.

Institution profile The China Development Bank was founded in 1994 as a state-funded development finance institution. It operates under direct oversight of the State Council and focuses on supporting key industries and underdeveloped sectors. China has conducted an anti-corruption campaign under its current leadership that has targeted officials and military personnel.