Former China Development Bank president under investigation

Ouyang Weimin, former president of China Development Bank, has been placed under investigation for suspected serious violations of Party discipline and national laws, China's top anti-corruption authorities said on Sunday.

The investigation is being conducted by the Communist Party of China Central Commission for Discipline Inspection and the National Commission of Supervision, according to an official statement.

Ouyang, 63, a native of Hunan province, began his career and joined the Party in 1986. He spent much of his earlier career at the People's Bank of China where he served as director of the China Anti-Money Laundering Monitoring and Analysis Center and as the head of the bank's Payment and Settlement Department.

Starting in 2011, he held several posts in Guangdong province, including vice-mayor and deputy Party chief of Guangzhou, as well as vice-governor of Guangdong.

Ouyang was appointed president and deputy Party secretary of the China Development Bank in 2019 and stepped down as president in 2023.