Li Jiping, former vice-president of China Development Bank, pleaded guilty to taking bribes while standing trial in Xinyang, Henan province, on Friday.

From 2001 to 2021, Li was found to have used his work positions, including director of the bank's policy research office and head of the bank's branch in Sichuan province, to seek benefits for relevant departments and individuals in various matters such as loan approval and project contracting, and accepted bribes worth over 57.3 million yuan ($7.89 million) in return, according to an indictment provided by prosecutors in Xinyang, Henan province.

With evidence provided, the prosecutors said that Li should be held criminally liable for the bribe-taking.

During the trial, Li and his lawyer also shared opinions on the evidence, and Li confessed to the crime in his final statement.

The Xinyang Intermediate People's Court said that the verdict will be announced at a later date.

More than 20 people, including national lawmakers and political advisers, attended the case hearing.

Li, 69, a native of Liaoning province, had worked for China's bank system for decades before he was placed under disciplinary and supervisory investigation in March.