China sacks top banker for bribery

BEIJING - China has sacked a top official of the state-run China Development Bank on corruption charges, officials said Wednesday.

Wang Yi, vice president of the bank and a member of the Communist Party of China (CPC), was sacked for ’severe violation of disciplines and the law’, the disciplinary commission of the CPC, said. He was also removed from the party membership.

The commission noted that he had received bribes from people in return for contracts. It said that he had misused his official position.

Meanwhile, Wang has been referred to the prosecutors and could face criminal charges.

China Development Bank was set up in 1994, as a policy bank, mainly to finance government projects. Wang previously served as a vice chairman of the China Securities Regulatory Commission, the country’s stock watchdog.