In recent years, a number of heavyweight officials of the Communist Party’s China Development Bank (CDB) have been arrested one after another, including two of the former president and chairman Chen Yuan’s top executives and Chen Yuan’s successor. The arrests of Chen Yuan’s chief executives, his promoted colleagues and his successor are a warning to Xi Jinping’s second generation.
Chen Yuan’s former top secretary retired more than 8 years ago was investigated
On the evening of April 19, the Chinese Communist Party officially informed that Zhang Maolong, the former director of operations of China Development Bank, was investigated. He has been retired for more than 8 years.
From July 2020 to now, less than a year, at least four bureau-level cadres of CDB have been investigated or disciplined, including Wang Xuefeng, former president of CDB’s Shanxi branch, Yang Degao, vice president of Hubei branch, and Zhang Linwu, a senior expert of the Second Bureau of Evaluation. Yang Degao had been retired for three years when he was investigated.
According to his public resume, Zhang Maolong was the director of the General Office (Party Committee Office) of China Development Bank from September 2000 to March 2005, i.e., he was the first secretary (big butler) of Chen Yuan, the then president (chairman) of China Development Bank.
According to Caixin, it was learned from multiple sources that Zhang Maolong’s fall was triggered by Zhang Linwu’s case.
Chen Yuan’s former top secretary Zhang Linwu was investigated
In January this year, Zhang Linwu was investigated.
Official resume shows that from March 2012 to December 2014, Zhang Linwu was the director of the General Office (Party Committee Office) of China Development Bank, that is, the then chairman of China Development Bank Chen Yuan’s big butler.
A number of China Development Bank insiders said that Zhang Linwu had been “reported by his second ex-wife”. Later, Zhang Linwu was removed from his position as the president of the Chongqing branch of China Development Bank.
Chen Yuan’s successor, the “financial tiger,” was investigated
The company has been in charge of the China Development Bank (CDB) for 15 years and has been in control of the bank since then. Chen Yuan was in charge of CDB for 15 years.
When Chen Yuan left CDB in April 2013, his successor was Hu Huibang.
In September 2018, Hu Huaibang ceased to be the Secretary of the Party Committee and Chairman of the Board of China Development Bank.
Hu Huibang fell on July 31, 2019. 2020 In January, Hu Huibang was expelled from the Communist Party of China and was arrested in February.
Hu Huaibang was allegedly involved in three major cases involving former Gansu Provincial Party Secretary Wang Sanyun, Chairman of the Board of Directors of China Huaxin Energy Company Limited Ye Jianming, and Huo Ronggui, who was once secretary of the Wuwei Municipal Party Committee in Gansu.
On the morning of January 7, Hu Huaibang was sentenced to life imprisonment in the first trial. The land media called Hu Huaibang a “financial tiger”.
In August 2019, there were rumors that after Hu Huaibang was taken away, his wife Xue Yingjuan and son Hu Xiaodong were also taken away to cooperate with the investigation. 2020 On the night of May 8, there were reports that Huaibang’s wife jumped off a building. A number of mainland financial media reported the news at the time.
There were reports that Xue Yingjuan, in her capacity as Hu Huibang’s wife, had been involved in the promotion of many cadres and the transfer of interests. Caixin once reported that Hu Huibang’s wife had declared in a beauty salon, “My family’s money will never be used up in several lifetimes.”
Analysis: Xi warned the second generation of red
According to the mainland media, China Development Bank is the “hardest hit” by financial corruption cases. According to an article by Radio Free Asia contributor Gao Xin, all of the people involved in the cases that led to the “CDB becoming the worst hit area for financial crimes” were in fact Chen Yuan’s old men at the helm of the bank, as well as the “founding seniors” who worked with Chen Yuan.
According to the article, Chen Yuan has always regarded CDB, “the world’s largest development financial institution,” as his “own land.
Chen Yuan is the son of Chen Yun, a Communist Party veteran, and belongs to the second generation of the Communist Party’s Red Generation.
After the fall of Bo Xilai on April 10, 2012, there were reports that Chen Yuan was one of the princelings who still supported Bo Xilai.
Chen Yuan’s daughter Chen Xiaodan was in love with Bo Xilai’s son Bo Guagua. According to the report, Bo’s classmates at Harvard University confirmed that Chen Xiaodan broke up with Bo a few months before Bo’s downfall, in time to save herself from the imminent liquidation of the Bo family.
Gao Xin’s analysis suggests that the fact that Chen Yuan was not pursued after Hu Huaibang’s fall indicates that Xi Jinping treated Chen Yuan in a different light.
In his analysis, current affairs commentator Li Linyi said that Xi did not want to arrest Chen Yuan, but rather arrested a number of his subordinates, in order to hammer a warning to the second generation of the Reds.
Financial corruption endangers Xi’s regime. In recent years Xi Jinping has continued to promote financial anti-corruption.
Liu He, who is known as Xi’s chief think tank, pointed out early in his report, “A Comparative Study of Two Major Global Crises,” that once the economy turns into a state of crisis, it cycles in an unusual way. Aggravating economic woes can intensify social conflicts and eventually put those in power in a precarious position.
In January 2019, Xi Jinping emphasized at the plenary session of the Central Commission for Discipline Inspection that efforts to fight corruption in the financial sector should be stepped up. in February, Xi Jinping again emphasized financial anti-corruption at the Politburo meeting and specifically named, “Strengthening control over the main persons in charge of financial institutions, financial supervision departments and senior and middle-level managers.”
Chen Yuan’s former deputy was investigated
In June 2008, Wang Yi, then deputy governor of China Development Bank, was “double-regulated” for alleged “major irregularities”.
From February 1999 to June 2008, Wang Yi served as deputy governor of China Development Bank. During this period, Chen Yuan was the president of China Development Bank.
According to an overseas commentary, Wang Yi was supported and promoted by Chen Yuan.
Wang Yi was accused of using his position to receive large sums of money, and on March 30, 2010, the trial of Wang Yi’s alleged bribery case began, with the prosecution accusing him of taking a bribe of more than 11.96 million yuan, to which Wang Yi pleaded guilty.
CDB patriarch who worked with Chen Yuan for many years was arrested
In June 2016, Yao Zhongmin, the “patriarch” of China Development Bank, was investigated. From 2000 to 2012, Yao Zhongmin served as deputy secretary of the party committee and vice president of CDB, and in December 2008, CDB was listed and established as the first commercial bank, and Yao Zhongmin became the first supervisor of CDB after the share reform. Yao worked with Chen Yuan, the then president, chairman and party secretary of CDB, for many years.
According to overseas commentaries, Chen Yuan had great trust in Yao Zhongmin, and his position as deputy party secretary and chairman of the supervisory committee of CDB was arranged by Chen Yuan.
On August 4, 2017, Yao Zhongmin was sentenced to 14 years in prison for taking bribes.
Guo Lin, the “old man” of China Development Bank, was arrested
On February 28, 2019, Guo Lin, a former executive member of China Development Bank, was investigated for disciplinary issues.
Guo Lin in October 1994 to the Office of the President of China Development Bank as a division secretary, from then until his retirement in November 2016, Guo Lin served in China Development Bank for 22 years. He is the “old man” of China Development Bank.
Guo Lin was a member of the Party Committee and deputy governor of Shijiazhuang Branch of China Development Bank; secretary of the Party Committee and governor of Ningxia Branch; secretary of the Party Committee and governor of Jiangsu Branch; secretary of the Party Committee and governor of Tianjin Branch; member of the Executive Committee and head of the Inspection Group of China Development Bank, and retired in November 2016.
Guo Lin worked under Hu Huibang, the former chairman of CDB.
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