Yao Zhongmin
Yao Zhongmin | |
|---|---|
| Born | Template:Birth year and age Huaiyang County, Henan, China |
| Occupation(s) | Economist, banker, politician |
| Years active | 1977–2016 |
| Known for | Chairman of the board of supervisors at China Development Bank (2008–2013); deputy head of CCP committee at CDB; vice governor of CDB |
Yao Zhongmin (; born June 1952) is a Chinese economist who held the position of chairman of the board of supervisors at the China Development Bank (CDB) from 2008 until 2013. Additionally, he served as the deputy head of the Chinese Communist Party (CCP) committee within CDB and was a vice governor of the institution. In June 2016, Yao became subject to an investigation by the Central Commission for Discipline Inspection (CCDI) for "serious disciplinary violations," which resulted in his dismissal from the Chinese People's Political Consultative Conference. By September 2016, he was expelled from both the CCP and all public posts. The Supreme People's Procuratorate initiated corruption probes against him in October 2016. Subsequently, in August 2017, the Intermediate People's Court of Baoding City sentenced Yao to 14 years imprisonment on charges of bribery.
He was also a delegate to the 17th National Congress of the Chinese Communist Party.
Biography
Yao was born in June 1952 in Huaiyang County, Henan. He completed his studies in 1977 at Liaoning Institute of Finance and Economics (currently known as Dongbei University of Finance and Economics). In May 1985, he was appointed deputy governor of the Henan branch of China Construction Bank, later advancing to governor and Party Branch Secretary in June 1992. From April 1993 to January 1994, Yao served as deputy governor of Henan province. Beginning in 1994, he occupied multiple roles within China Development Bank before being named chairman of its board of supervisors in September 2008.
In early 2015, Yao attracted scrutiny from the Guizhou Provincial Commission for Discipline Inspection. On June 6, 2016, the CCDI publicly announced an inquiry into his behavior. Shortly afterward, he was removed from China's foremost political advisory assembly. By September that year, Yao had been expelled from both party membership and public office. His case was handed over to the Supreme People’s Procuratorate in October 2016. On August 4, 2017, he was sentenced to a 14-year term in prison and fined 3.5 million yuan (approximately $520,000) for bribery offenses.
Personal life
Yao has a sibling named Yao Zhongquan.