On June 16, Fu Xiaodong, former party secretary and president of the China Development Bank in Henan, was officially under investigation for suspecting of “serious violations of discipline and law” and.

A day after, Liu Chunsheng, former secretary of the Party Committee and president of the Hainan Branch of the China Development Bank, was expelled from the CCP and was transferred to the procuratorate for review and prosecution. He was claimed to obtain power for personal gain, seek profit in loan approval, and illegally accepting huge bribes.

In recent years, several senior officials of the China Development Bank (CDB) have been investigated, including Wang Xuefeng, the former Party Secretary and President Shanxi Branch, who was sentenced to 12 years in prison; Hu Huaibang, the former Party Secretary and Chairman, who has sentenced to life imprisonment; Wang Yi, the former Vice President of CDB, who was given a suspended death sentence; Yao Zhongmin, former deputy secretary of the China Development Bank Party Committee, was sentenced to 14 years in prison. 

China Development Bank is the largest bond issuer and the biggest foreign-currency lender in China. This giant bank is led by a cabinet minister at the Governor level, under the direct jurisdiction of the State Council. 

Gao Xin, a special commentator of Overseas Radio Free Asia, said that all the high-level party members involved in the cases that led to “CDB becoming the hardest hit area for financial crimes” were the former CDB department headed by Chen Yuan. Chen Yuan is a son of Chen Yun, a veteran of the Communist Party of China. He was a member of the Standing Committee of the Beijing Municipal Party Committee, the deputy governor of the People’s Bank of China, the chairman of the China Development Bank, and the vice-chairman of the National Committee of the Chinese People’s Political Consultative Conference. 

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