Ouyang Weimin, the former president of the China Development Bank, is currently under investigation for alleged serious violations of party discipline and the law, according to a statement released Sunday by the country's top anti-graft watchdog. The Central Commission for Discipline Inspection and the National Commission of Supervision announced the probe without providing further details.
Ouyang began his career in 1986 and joined the Chinese Communist Party that same year. He previously held positions at the People's Bank of China and served as vice-governor of Guangdong province. In 2019, he was appointed president and deputy party secretary of the China Development Bank, a role he held until stepping down in 2023.
The China Development Bank, established in 1994, is a state-funded financial institution overseen by the State Council. Its stated mission is to support economic development in key and underdeveloped sectors within China.
This investigation is part of an ongoing anti-corruption campaign initiated under President Xi Jinping's administration, which has targeted numerous officials and military figures. Critics of the campaign suggest it has also been utilized to eliminate political opposition.