On October 19, 2026, it was reported that Yu Xiaoping, former Vice President of China People’s Insurance Group, has been expelled from the party, had her benefits revoked, and has been referred to judicial authorities. She had been a long-time employee of China Development Bank, where she was favored by the princelings, the then president, and chairman of China Development Bank, Chen Yuan. In June of this year, Yu Xiaoping was investigated after being retired for 8 years.
The Central Commission for Discipline Inspection and the National Supervisory Commission of the Communist Party of China announced on October 19 that Yu Xiaoping resisted organizational review, violated regulations in staff employment to seek benefits for others, improperly accepted gifts and used her position to benefit relatives, failed to fulfill duties correctly, caused serious consequences, used public power as a tool for personal gain, utilized her position to profit others in terms of loan exemption conditions and expediting loan approvals, illegally received huge sums of money, and even after leaving her position, continued to use her former authority to accumulate wealth. She abused her power, causing significant losses to state interests.
According to the announcement, Yu Xiaoping has been expelled from the party, had her benefits canceled, and has been referred to the judicial system.
On June 13 of this year, Yu Xiaoping was officially removed from office, more than 8 years after her retirement.
Public records show that Yu Xiaoping, a senior economist, graduated from Tongji University in January 1982 with a bachelor’s degree in engineering, and 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 China Construction Bank, holding positions such as Deputy Director of the Real Estate Credit Department. From March 1994 to January 2010, she worked at China Development Bank, where she held positions such as Head of the International Finance Department, Deputy Head, Head of the Wuhan Branch (at the level of a department director), and Head of the Shenzhen Branch (at the level of a department director).
It is worth noting that China Development Bank is an area of influence and interest for Chen Yuan, son of veteran Communist Party member Chen Yun. Chen Yuan became the president of China Development Bank in 1998 and subsequently served as Secretary of the Party Committee. In 2008, China Development Bank underwent restructuring, with Chen Yuan serving as Chairman of the Board and Secretary of the Party Committee until April 2013. During this time, Yu Xiaoping held key positions at China Development Bank, such as Head of the Wuhan Branch, Secretary of the Party Committee, and President of the Shenzhen Branch. Wei Wei and Jiang Zhigang were promoted as the Heads of the Sichuan Branch and Guangxi Branch of China Development Bank, respectively.
In January 2010, Yu Xiaoping joined China People’s Insurance Group, serving as Vice President from October 2013 to March 2018. In 2014, she also became the Chief Investment Officer of the group. During her tenure as an executive at People’s Insurance Group, Yu Xiaoping also held roles such as non-executive director of People’s Property Insurance, Chairman of Number 88 Development Company, and director of Zhongcheng Trust.
Yu Xiaoping retired in March 2018 at the age of 60.
China People’s Insurance Group is a large state-owned comprehensive insurance and financial group in China, consisting of over ten specialized subsidiaries such as People’s Property Insurance, People’s Life Insurance, People’s Assets, People’s Health, and People’s Elderly.