What’s New: Zhou Xuedong, former director of the general executive office of the People’s Bank of China (PBOC), was named vice president of China’s policy lender China Development Bank (CDB) after 12 years at the central bank.
Zhou started at the CDB Tuesday. His duties at the central bank were taken over by his deputy Zhong Ping.
The Background: Zhou, 53, joined the central bank in 2008 with extensive experience in financial regulation and managing financial risks. He was the head of the central bank’s task force that seized troubled Baoshang Bank in May 2019.
Providing medium- to long-term financing facilities to serve national development strategies, CDB is the world’s largest development finance institution and the largest Chinese bank for financing cooperation, long-term lending and bond issuance, according to the bank’s website. As of the end of 2018, CDB’s total assets reached 16.2 trillion yuan ($2.4 trillion), with outstanding loans of 11.68 trillion yuan. The bank has yet to publish its 2019 financials.
CDB’s current President Ouyang Weimin, also a central bank veteran, assumed his position in October 2019.
Contact reporter Han Wei (weihan@caixin.com) and editor Bob Simison (bobsimison@caixin.com)
