Former Vice President Yu Xiaoping of China People’s Insurance Group was investigated on June 13, 2026, eight years after his retirement. Yu Xiaoping had long been employed at the China Development Bank, where he was promoted and trusted by the princelings, then China Development Bank’s President and Chairman Chen Yuan.
On June 13, 2026, the website of the Central Commission for Discipline Inspection and the National Supervisory Commission of the Communist Party of China announced that Yu Xiaoping, former member of the Party Committee and Vice President of China People’s Insurance Group Co., Ltd. (PICC), is suspected of serious violations of discipline and law and is under investigation.
Public records show that Yu Xiaoping, a female senior economist, graduated from Tongji University in January 1982 with a Bachelor’s degree in Engineering, and then from Renmin University of China in July 1988 with a Bachelor’s degree in Economics.
From January 1982 to March 1994, Yu Xiaoping worked at the China Construction Bank, holding positions such as Deputy Director of Real Estate Credit Department. From March 1994 to January 2010, she worked at the China Development Bank, where she served as Head of the International Finance Department, Deputy Director, Chief of Wuhan Branch (ranked as a bureau-level official), Chief of Shenzhen Branch (ranked as a bureau-level official), and others.
In January 2010, Yu Xiaoping joined China People’s Insurance Group, becoming the Chief Investment Officer (CIO) in 2014 and serving as Vice President of the group from October 2013 to March 2018. During her tenure as an executive at PICC, Yu Xiaoping also held positions such as non-executive director of PICC Property and Casualty, Chairman of 88 Corporate Development Company, Director of China Integrity Trust, and more.
In March 2018, Yu Xiaoping, then 60 years old, retired and resigned from her position as a non-executive director at PICC.
China People’s Insurance Group is a large state-owned property insurance company in China, with over ten professional subsidiaries including PICC Property and Casualty, PICC Life, PICC Asset, PICC Health, and PICC Pension.
In recent years, several high-ranking executives of PICC have been investigated.
On June 5, 2026, Yu Ze, former member of the Party Committee and Vice President of China People’s Insurance Group, was expelled from the Communist Party of China and dismissed from public office. Yu Ze fell from grace while in office on December 6, 2025. The official report stated that Yu Ze carried and viewed books with serious political issues, withheld and reviewed materials for reporting and accusation privately, lost determination, engaged in power and money transactions, and illegally accepted substantial amounts of money.
Born in October 1971, Yu Ze graduated from Nankai University in Economics. From July 1994 to July 2003, Yu Ze worked at the Tianjin branch of China People’s Insurance Group, then served as Executive Vice President of the Vehicle Insurance Division at the Tianjin branch of China property insurance from July 2003 to October 2006. From October 2006 to 2019, he worked at Ping An Insurance; then returned to PICC in 2019, becoming a member of the Party Committee and Vice President of PICC. During his tenure, he also served as General Manager of PICC Property and Casualty and Vice Chairman.
Furthermore, Zhang Xiaoli, former member of the Party Committee and Chairman of the Supervisory Board of PICC, was investigated in October 2024; Lin Zhiyong, former Secretary of the Party Committee and President of PICC, and Su Xinfaw, former member of the Party Committee of PICC Investment Holding Co., Ltd., were investigated in May 2022. Shen Dong, former member of the Party Committee and Vice President of PICC Property and Casualty, was investigated in December 2021.
Yu Xiaoping worked at China Development Bank from March 1994 to January 2010, nearly 16 years. Just before Yu Xiaoping was investigated, Jiang Zhigang, former executive member and senior expert of China Development Bank’s Expert Committee, was investigated on June 2, 2026; Wei Wei, a senior expert of China Development Bank, was investigated on June 4, 2026. Jiang Zhigang and Wei Wei both had long-standing connections with Yu Xiaoping in their positions at the China Development Bank.
It is noteworthy that China Development Bank is a stronghold of power and interests for the princeling Chen Yuan of the Communist Party of China. The son of senior Communist official Chen Yun, Chen Yuan became the President of China Development Bank in 1998 and later became the Party Committee Secretary. In 2008, during the restructuring of China Development Bank, Chen Yuan was appointed as Chairman and Party Committee Secretary, serving until April 2013.
During Chen Yuan’s tenure as Party Committee Secretary, President, and Chairman of China Development Bank, Yu Xiaoping held important positions such as the Chief of Wuhan Branch and Party Committee Secretary and President of the Shenzhen Branch; Wei Wei and Jiang Zhigang were promoted to positions like the Presidents of Sichuan Branch and Guangxi Branch of China Development Bank, respectively.
In recent years, many of Chen Yuan’s former colleagues at China Development Bank have fallen from grace, including former Chief of Operations and expert committee senior expert Zhang Maolong and former Senior Expert of the Review Division Zhan Linwu. Hu Huaibang, successor to Chen Yuan and former Party Committee Secretary and Chairman of China Development Bank, was investigated in July 2019 and sentenced to life imprisonment for corruption in January 2021.