Hu Huaibang
Hu Huaibang | |
|---|---|
| Born | September 25, 1955 |
| Occupation | Banking executive |
| Known for | Chairman of China Development Bank |
Hu Huaibang (; born 25 September 1955) is a former Chinese banking executive who held the position of chairman at the China Development Bank, a company listed among the Fortune Global 500. In January 2020, he was expelled from the Chinese Communist Party and subsequently received a life sentence for corruption in January 2021.
Career
Hu obtained his bachelor's degree in economics from Jilin University and completed his doctorate in economics at the Shanxi University of Finance and Economics in 1999. His professional journey began at the People's Bank of China in 2000, where he worked in branches located in Chengdu and Xi'an. Subsequently, he served as a discipline official and party committee member at the China Banking Regulatory Commission. In September 2008, Hu was appointed chairman of the Bank of Communications. He assumed the role of chairman at the China Development Bank in April 2013 and remained in this capacity until 2018, when he was dismissed amid allegations of corruption.
Hu also served as an alternate member of the 18th Central Committee of the Chinese Communist Party.
Investigation and conviction
On 31 July 2019, Hu became subject to an investigation for purported "serious violations of (Communist Party) discipline and law" by the Central Commission for Discipline Inspection, the foremost anti-corruption body within the Chinese Communist Party.
He was reportedly implicated in corruption scandals connected to Wang Sanyun and Ye Jianming. Following this, he was expelled from the Communist Party on 11 January 2020. On 12 February, authorities arrested him on suspicion of bribery, and by 3 March, formal charges were brought against him for accepting bribes. His trial took place on 30 July at the Chengde Intermediate People's Court, where prosecutors accused him of exploiting his roles—including his chairmanship at the Bank of Communications—to benefit companies and individuals by facilitating bank credit lines, creating auto financing enterprises, and aiding personnel promotions between 2009 and 2019. In exchange, he allegedly received over 85.52 million yuan (approximately US$12.2 million) in cash and gifts.
On 7 January 2021, China Central Television announced that Hu was found guilty and sentenced to life imprisonment for corruption offenses by the Chengde Intermediate People's Court. The court regarded his sentence as lenient due to his admission of guilt and cooperation during prosecution. Additionally, it mandated confiscation of his assets and confirmed that Hu had returned the bribe money amounting to 85.5 million yuan.
Personal life
Hu is married to Xue Yingjuan (). Their son, Hu Xiaodong (; born 1982), held the position of deputy general manager within an Asset Management Division. On 12 February, Hu was detained, with his case transferred to prosecutorial authorities for further examination and legal proceedings.