Hong Kong News Hub: Ex-vice-president of state-run China Development Bank Zhou Qingyu arrested for alleged bribery

A former top official at one of China’s largest state-run banks has been arrested for alleged bribery, state media reported Thursday, as Beijing cracks down on corruption in the country’s financial sector.

The headquarter of China Development Bank in Beijing. File photo: Wikicommons.

The case of Zhou Qingyu, a former vice president of the China Development Bank, “has been transferred… for examination and prosecution”, state news agency Xinhua reported, citing the country’s top prosecutor.

Zhou, 61, was under investigation for “taking bribes and using his influence to solicit bribes”, according to Xinhua.

A court in northeastern Jilin province “has taken the decision to make an arrest, and the case is being further handled”, the state news agency said.

China’s President Xi Jinping has waged a sweeping campaign against deep-seated official corruption since coming to power a decade ago.

Xi Jinping, President of the People's Republic of China, speaks at a United Nations Office at Geneva on January 18, 2017. Photo: Jean-Marc Ferré/UN Geneva, via Flickr CC2.0. — Xi Jinping, President of the People’s Republic of China, speaks at a United Nations Office at Geneva on January 18, 2017. Photo: Jean-Marc Ferré/UN Geneva, via Flickr CC2.0.

Proponents say the policy promotes clean governance, while critics say it helps Xi purge political rivals.

Recently, the campaign has targeted some of the country’s top financiers.

Last month, Sun Deshun, the former president of the state-owned China Citic Bank, was sentenced to life in prison for illegally receiving property valued at over US$130 million.

The former vice chief of the Industrial and Commercial Bank of China and a onetime Bank of China chairman are among several others under investigation.