Guangdong Vice Governor Ouyang Weimin (欧阳卫民) appointed new China Development Bank (CDB) Governor.
Although now widely considered one of the “financial vice governors”, Ouyang Weimin was actually appointed to local government long before the recent cohorts of ex-bankers in a different way. Ouyang was transferred from People’s Bank of China (PBOC)’s Payment System Department Director position to Guangzhou city as vice mayor in 2011—essentially a same-level transfer, not a promotion—in an effort to help Guangzhou with its effort to become a regional financial center, elevating the city’s status as “national central city”. His role in Guangzhou gradually shifted over the years, as he was promoted into the Guangzhou CCP Standing Committee (CCPSC) overseeing the work of Guangzhou’s Zengcheng city in 2014, a job that essentially deviated him from his financial background. Ouyang was subsequently promoted to be Guangzhou Vice Party Secretary in 2016 and Guangdong Vice Governor in 2018.