Finance Movers and Shakers: China’s New Top Finance Graft-Buster, Ex-Policy Banker Suspected of Massive Bribery

Finance Movers and Shakers is a biweekly newsletter that discusses notable personnel movements and corruption scandals in China's finance sector [para. 1][para. 2].

Wang Weidong, a seasoned anti-corruption official, has been appointed as the chief of the Central Financial Discipline Inspection and Supervision Work Committee. Wang, 56, has been involved in anti-corruption efforts since 2016, including serving as the top anti-graft official in the Xizang autonomous region since 2019 [para. 4][para. 5].

Li Ming has replaced Fang Xinghai as the vice chairman of the China Securities Regulatory Commission (CSRC). Li, 55, previously led the CSRC’s enforcement bureau and held various other positions in the organization [para. 7][para. 8]. Fang Xinghai, known for his efforts to open up China’s capital markets, retired after nearly nine years as vice chairman. He holds advanced degrees from Stanford University and has a distinguished career that included positions at the World Bank and the Shanghai Stock Exchange, among others [para. 10][para. 11][para. 12].

Pei Guang, previously the director of NFRA’s Guangdong branch, is set to head its Beijing counterpart, replacing Yang Dongning, who will become vice president of the Export-Import Bank of China. Pei, 58, has an extensive background in China’s central bank and the former China Insurance Regulatory Commission, which later became part of the NFRA [para. 14][para. 16][para. 17]. Qi Xiang, a former director of NFRA’s Legal and Regulation Department, has been appointed as head of the NFRA’s Shanghai branch. Qi, described as a “scholarly official,” replaced Wang Junshou, who is now a vice governor of Hunan province [para. 19][para. 20].

Eddie Yue has been reappointed for a second five-year term as chief executive of the Hong Kong Monetary Authority (HKMA). Yue, 59, who joined the HKMA in 1993, will focus on maintaining the stability of Hong Kong’s financial systems amid global uncertainties [para. 22][para. 23].

Tang Zhenyi, former China CEO of Credit Suisse, has been named head of global banking at HSBC Bank (China) Co. Ltd. Tang has significant experience in both the Ministry of Finance and various state-owned financial institutions [para. 25][para. 26].

Guo Jing, formerly a deputy director in the NFRA, is now the general manager of China Insurance Security Fund Co. Ltd., replacing Zhang Li. Zhang is becoming the president of China Trust Protection Fund Co. Ltd., filling the vacancy left by Bai Weiqun, who now leads China Banking and Insurance Information Technology Management Co. Ltd. [para. 28][para. 30][para. 32].

The Shanghai Stock Exchange (SSE) vice president Dong Guoqun is under investigation for corruption. Dong, 59, has been with SSE since 1996 and held significant roles, including overseeing core departments [para. 34][para. 35].

Jiang Chengjun, former deputy general manager at Haitong Securities, is also being probed, likely for project-related misconduct. Jiang, around 56, joined Haitong in 2000 and rose through the ranks to oversee investment banking [para. 38]. Li Jiping, who served as executive vice president of the China Development Bank (CDB) from 2008 to 2016, has been expelled from the Communist Party for severe violations, such as taking bribes and holding unlisted company shares [para. 40][para. 41][para. 42].

Overall, these personnel changes and ongoing investigations highlight the dynamic and often tumultuous environment in China’s finance sector.