Former vice president of China Development Bank expelled from CPC

BEIJING, Nov. 16 (Xinhua) -- Zhou Qingyu, a former vice president of China Development Bank, has been expelled from the Communist Party of China (CPC) for severe violations of Party discipline and laws, said China's top anti-graft body in an official announcement Thursday.

The decision came following an investigation into Zhou's misconduct by the CPC Central Commission for Discipline Inspection and the National Commission of Supervision, which was approved by the CPC Central Committee.

The investigation found that Zhou had lost his ideals and beliefs, and deviated from the CPC Central Committee on major principles. He was found to have abused his powers, attended banquets offered by private business owners, and meddled with employee recruitment work of financial institutions.

In addition, Zhou also benefitted others in bank loan applications and project contracting, while accepting large amounts of money and valuables in return, said the announcement.

In line with Party regulations and laws, the decision has been made to expel Zhou from the Party, confiscate his illicit gains, and hand over his case for judicial proceedings.