Another high-ranking official in the Chinese financial sector is under investigation. On Tuesday (30th), Wang Xuguo, former head of the Shanghai branch of the China Exim Bank, was officially announced to have fallen from grace.
On July 30, the official website of the Central Commission for Discipline Inspection and the National Supervisory Commission of the Chinese Communist Party disclosed that Wang Xuguo, former party secretary and head of the Shanghai branch of the China Exim Bank, is suspected of serious violations of discipline and law, and is currently undergoing disciplinary review by the Discipline Inspection and Supervision Group of the Central Commission for Discipline Inspection and the National Supervisory Commission stationed at the China Exim Bank and investigation by the Supervisory Committee of Fuzhou City, Fujian Province.
The downfall of Wang Xuguo came quite unexpectedly. Public information shows that on July 1, the Shanghai branch of the China Exim Bank conducted the fifth centralized study of the Party Committee’s theoretical learning center group. Wang Xuguo presided over the meeting in his capacity as the party secretary and head of the branch.
Public information indicates that Wang Xuguo was born in 1969 in Danyang, Jiangsu Province. He is a member of the Chinese Communist Party, obtained an EMBA from Peking University, and started working in August 1989.
Wang Xuguo has previously served as the deputy head of Danyang Branch and the deputy head and head of Jurong Branch of the Construction Bank. In 2003, he joined the China Exim Bank and was involved in the establishment of the China Exim Bank Nanjing Branch. He has held positions such as the head of the company business department, assistant to the head, and deputy head of the Jiangsu Branch of the China Exim Bank.
Since March 2016, Wang Xuguo has been the head of the Fujian Province Branch of the China Exim Bank. Information from “Tianyancha” shows that in June 2020, Wang Xuguo was no longer the head of the Fujian Province branch; in July of the same year, he was reassigned as the head of the Shanghai branch.
This year, several officials from the China Exim Bank have either been investigated or dealt with. On July 17, Wang Fade, former head of the Tianjin Branch, was investigated.
In January of this year, Zhu Canzhang, former head of the Risk Resolution Supervision Work Team of the China Exim Bank, was expelled from the Party and dismissed from public office; in February, Li Jichen, former full-time review committee member of the China Exim Bank, was expelled from the Party.