China’s Central Commission for Discipline Inspection (CCDI) announced on July 19 that Ouyang Weimin, former president and deputy party secretary of the China Development Bank (CDB), is under investigation for suspected serious violations of party discipline and the law. Typical of Chinese Communist Party (CCP) purges, no further information was given.
Ouyang joined the Chinese Communist Party in 1986 and spent much of his early career at the People’s Bank of China before serving as vice governor of Guangdong. He was appointed CDB president and deputy party secretary in 2019 and stepped down as president in 2023. CDB, founded in 1994, is a state-funded development finance institution overseen directly by the State Council.
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