Former bank deputy expelled from Party for serious violations

Zhou Qingyu, a former vice-president of China Development Bank, has been expelled from the Communist Party of China over serious violations of Party discipline and national laws, the country's top anti-graft watchdogs said on Thursday.

The CPC Central Commission for Discipline Inspection and the National Supervisory Commission said in a statement that he is suspected of committing duty-related crimes and taking bribes. His case, and the alleged illegal gains involved, will be transferred to procuratorial agencies for examination and prosecution.

Zhou abandoned his duty of promoting strict governance of the Party, and extensively abused his supervisory and disciplinary powers, according to the statement. He also engaged in superstitious activities, and owned and read politically problematic books and periodicals.

Zhou accepted banquets arranged by private entrepreneurs, went to private clubs and misused the vehicles of people under his management. He intervened in and meddled with the recruitment of financial institutions' staff, severely undermining the personnel selection system.

Furthermore, he utilized his authority for personal gain, accepting property from individuals, receiving gifts and cash, holding shares in non-publicly traded companies, and engaging in illicit transactions involving power, money, and relationships.

Zhou also illegally intervened in loan issuances and privately retained classified documents, the statement said. He also colluded with unscrupulous business people and exploited his official position to benefit others in areas such as loan financing and project contracting, accepting substantial amounts of property in return.

Zhou, 61, a native of Henan province, has been working in the banking sector for a long time. From 2002 to 2011, he worked for the Agriculture Bank of China, and served in different key positions such as manager of its agricultural credit department and director of its business related to agriculture and farming.

From 2011 to August 2016, he served as the secretary of the China Development Bank's disciplinary commission and later became the bank's vice-president. He was removed from his post in July 2022, two months ahead of his due retirement. In May 2023, he was placed under investigation.

In January, the CCDI announced intensified efforts to combat corruption in key areas and deepen rectification in sectors with concentrated power, intensive capital and abundant resources, such as finance and State-owned enterprises.

The central financial work conference held in Beijing last month emphasized addressing major issues in the financial system such as potential financial risks, low-quality and inefficient financial services for the real economy, repeated financial crimes and corruption, along with weak financial supervision and governance capacity.