Former Head of Export-Import Bank of China Li Changjun Investigated for Possible Corruption
Former Head of Export-Import Bank of China for for Beijing and Shenzhen Li Changjun is being investigated for possible corruption by Chinese authority. The Central Commission for Discipline Inspection (CCDI) had released an official statement that he is being investigated for serious violations of (Communist) party discipline, an announcement that is usually associated with a government official being investigated for corruption.
“Former Head of Export-Import Bank of China Li Changjun Investigated for Possible Corruption”
Earlier in 2018, Li Changjun had reported himself to authorities and admitted to issuing letters of credit or letters of guarantee for personal purposes when he was working at a Shenzhen branch of the Export-Import Bank. He was the Head of Export-Import Bank of China Shenzhen branch from 2012 to 2016, and thereafter Head of Export-Import Bank of China Beijing branch.
The Export-Import Bank of China is a state-funded and state-owned policy bank that supports China’s foreign trade, investment and international economic cooperation. The bank provides short-term, mid-term and long-term loans approved for foreign trade. This includes export credit, import credit, loans for offshore contracts and overseas investment, concessional loans, trade finance, letter of guarantee and letter of credit. The bank is also known as the China Exim Bank.
About Export-Import Bank of China
The Export-Import Bank of China is a state-funded and state-owned policy bank with the status of an independent legal entity. It is a bank directly under the leadership of the State Council and dedicated to supporting China’s foreign trade, investment and international economic cooperation. With the Chinese government’s credit support, the Bank plays a crucial role in promoting steady economic growth and structural adjustment, supporting foreign trade, and implementing the “going global” strategy. It is committed to reinforcing financial support to key sectors and weak links in the Chinese economy to ensure sustainable and healthy economic and social development. By the end of 2016, the Bank has 29 domestic branches and one domestic representative office in Hong Kong, four overseas institutions, namely, the Paris Branch, Representative Office for Southern and Eastern Africa, Representative Office for Northern and Western Africa, and St. Petersburg Representative Office.
Visit: Export-Import Bank of China
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