The former deputy secretary of the Party committee and former president of the China Development Bank, Ouyang Weimin, is under investigation for serious disciplinary and legal violations. The case is believed to involve senior party figures, prompting external interpretations of Caixin's related reports and attention to former associates of Wang Qishan.
According to the source material, in July 2026, Ouyang Weimin, former head of China Development Bank, was placed under investigation.
In 2004, China Development Bank provided Huawei with over 80 billion RMB in loans, raising the figure to 240 billion yuan in 2009, and was seen as an important channel through which Huawei received state support.
Yu Xiaoping was transferred from the head office to serve as the president of the China Development Bank Shenzhen Branch. He ruled locally for seven years, leading massive and enormous policy-backed loans for projects such as the Shenzhen Metro.
The China Development Bank established its first branch, the Wuhan Branch. Yu Xiaoping was personally appointed by the head office as the inaugural president and party secretary, tasked with supporting the second-phase water storage of the Three Gorges Project and the subsequent listing of China Yangtze Power.
With the China Three Gorges Project Corporation acting as the credit entity, the China Development Bank provided a massive 30 billion yuan, 15-year loan for the Three Gorges Project. At that time, Yu Xiaoping was responsible for related financing at the head office.