Former China Development Bank Senior Executive & Member of Banking Committee of Communist Party of China Zhou Qingyu Investigated for Suspected Corruption
27th May 2023 | Hong Kong
A former China Development Bank senior executive & member of banking committee of Communist Party of China Zhou Qingyu is being investigated for suspected corruption (violations of disciplines and laws). The investigation is announced by China CPC Central Commission for Discipline Inspection (CCDI) and the National Supervisory Commission (NSC).
“ Former China Development Bank Senior Executive & Member of Banking Committee of Communist Party of China Zhou Qingyu Investigated for Suspected Corruption “
China Development Bank
Established in 1994, the China Development Bank is a state-funded and state-owned development finance institution. As an independent legal entity directly overseen by the State Council, it is dedicated to supporting China’s economic development in key industries and under-developed sectors.
With a mission to support national development and deliver a better life for the people, CDB aligns its business focus with China’s major medium- and long-term economic development strategies. Leveraging its strength as a leading bank for medium- and long-term financing and comprehensive financial services, it mobilizes economic resources and channels them towards eight key areas:
- Socioeconomic development, such as infrastructure, basic industries, pillar industries, public services and management;
- Urbanization, urban-rural integration and balanced regional development;
- Programs essential for national competitiveness, including the transformation, upgrading, and restructuring of traditional industries, energy conservation, environmental protection, and advanced equipment manufacturing;
- Public welfare, including affordable housing, poverty alleviation, student loans, and inclusive finance;
- Areas of strategic importance, including science and technology, and people-to-people exchange;
- The Belt and Road Initiative ( BRI ), international cooperation in industrial capacity, equipment manufacturing, infrastructure connectivity, energy and resources, and Chinese enterprises “going global”;
- Initiatives in support of development and economic and financial reforms;
- Other areas encouraged by national development strategies and policies.
Placing a strong premium on pioneering and innovation and tapping into its strengths as a development finance institution, CDB keeps closely to national development strategies, operates on market principles with the backing of sovereign credit, and ensures principal safety and modest profit. Its vigor, influence and risk resilience has been growing continuously, putting it on track to be a world-class, modern development finance institution and a steady force of support for China’s economic and social development. At the end of 2022, CDB had the total assets of RMB 18.2 trillion.
CDB has 37 primary and 4 secondary branches on the Chinese mainland, one branch in Hong Kong, and 11 overseas representative offices in foreign cities including Cairo, Moscow, Rio de Janeiro, Caracas, London, Vientiane, Astana, Minsk, Jakarta, Sydney and Budapest. CDB has more than 10,000 employees in total.Its subsidiaries include CDB Capital, CDB Securities,CDB Leasing, China-Africa Development Fund, CDB Development Fund and CDB Infrastructure Fund.
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