What’s new: Wang Fade, a former president of the Tianjin branch of the Export-Import Bank of China (Exim Bank), has been placed under investigation for suspected “severe violations of (Communist Party) discipline and law,” the country’s top anti-graft watchdog announced Wednesday, using the official jargon for corruption.
The background: The probe into Wang adds to a growing list of corruption scandals at the Exim Bank, the smallest of China’s three policy lenders.
Former Exim Bank executives who fell under investigation included Li Li, a former president of the Beijing branch. The probe against her was announced in January 2022 by the Central Commission for Discipline Inspection (CCDI). In early 2023, she pleaded guilty to charges of taking almost 100 million yuan ($14.5 million) in bribes, sources with knowledge of the matter told Caixin at the time.
A graft investigation into Dai Shihong, who had headed the bank’s Yunnan branch, was announced by the CCDI in July 2022. He was expelled from the party and public office last year, and later prosecuted.
China’s other two policy lenders are the China Development Bank and the Agricultural Development Bank of China. Beijing relies on the trio to finance large projects that may not be highly profitable but are crucial to the development of society and the economy.
In recent years, the country’s crackdown on corruption in the finance sector has brought down multiple executives and regulatory officials.
Contact reporter Zhang Yukun (yukunzhang@caixin.com) and editor Joshua Dummer (joshuadummer@caixin.com)
