According to China’s Supreme People’s Procuratorate notice on Sunday, February 13 2022, China Development Bank (CDB) ‘s former vice president, He Xingxiang 何兴祥, was accused of taking bribes, issuing illegal loans, and concealing overseas deposits.
The investigation on He’s corruption took place in September. Last month, He was ousted from the Chinese Communist Party (CCP).
He Xingxiang’s case is the latest in a string of investigations on officials at state financial firms.
He Xingxiang started at the Bank of China and Agricultural Development Bank of China as a government loan issuer before working as a chairman of the China Development Bank.
The China Development Bank was founded in 1994 under the supervision of China’s cabinet.
The finance ministry and the national council are among the shareholders in China Development Bank. Previously, China launched an anti-corruption campaign targeting financial sectors in October last year. Until now the crackdown has resulted in the removal of 20 officials.

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