China has sentenced Hu Huaibang, a former chair of the nation’s biggest policy bank, to life imprisonment on charges of corruption, the second harsh punishment doled out this week in a sign that President Xi Jinping is escalating a campaign to crack down on lawbreaking state officials.

Hu was found guilty of taking bribes totalling 85.5-million yuan ($13m) during his tenure at China Development Bank between 2009 and 2019, according to the ruling of a Chengde court. Hu pleaded guilty, according to a court statement...

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