Finance Movers and Shakers: China’s New Vice Finance Minister, Ex-Policy Banker’s $3 Million Bribery

Finance Movers and Shakers is a biweekly guide highlighting significant personnel changes and corruption scandals in China's finance sector [para. 1].

### Who’s Moving

#### MOF Expects New Deputy

Guo Tingting is anticipated to become a new vice finance minister, filling in for Zhu Zhongming. Guo has had a fast-tracked career at the Ministry of Commerce, having been promoted to vice minister in 2022 [para. 2][para. 3]. Zhu Zhongming will now serve as a deputy chief of Shanghai’s Communist Party committee. Zhu has a long-standing career at the MOF in Zhejiang and was a vice minister of the MOF in 2021 [para. 7][para. 8].

#### Shanghai’s New Deputy Party Chief

52-year-old Zhu Zhongming’s appointment as deputy chief of Shanghai’s party committee was announced last week. He had previously worked at the local counterpart of the MOF in Zhejiang and was appointed vice governor of Hunan province in 2020 [para. 7][para. 8].

#### CIC to Get New VP

Liu Jiawang, formerly an executive vice president at the Agricultural Bank of China Ltd. (ABC), will replace retiring Shen Rujun as a vice president of China Investment Corp. (CIC) [para. 11][para. 12].

#### UnionPay Expects New President

Guo Dayong, formerly a deputy governor of the Jiangsu branch of the People’s Bank of China (PBOC), is set to become president of China UnionPay Co. Ltd. [para. 15]. The 49-year-old Guo worked at various PBOC departments before his new appointment, filling a vacancy left by Cai Jianbo [para. 14][para. 16].

#### PwC’s New China Chairman

Daniel Li has been appointed China and Asia-Pacific chairman of PwC, succeeding Raymund Chao. Li, PwC China’s first mainland chairman, has been with the firm for over 30 years [para. 18][para. 19].

#### UBS’ New China Securities Vice Chair

UBS Group AG has named Janice Hu as its securities venture vice chair in China. Hu is the first to hold this position, having joined Credit Suisse in 2001 and becoming its China CEO in 2021 [para. 21][para. 23].

### Who’s Probed

#### Taiping Life Executive

Ni Bo, a deputy general manager at Taiping Life Insurance Co. Ltd., is under investigation for corruption. Ni has worked in the insurance industry since 1996, having held roles at Taikang Life Insurance Co. Ltd. and China Life Insurance Co. Ltd. before becoming deputy general manager at Taiping Life last year [para. 28][para. 29].

### Who’s in Court

#### Former China Taiping Executive

Xiao Xing, a former deputy general manager at China Taiping, pleaded guilty to accepting over 81 million yuan ($11 million) in bribes. Xiao used his influence in various positions from 1998 to 2023 to assist others in business operations and job placements in return for bribes [para. 31][para. 32].

#### CDB’s Ex-VP

Wang Yongsheng, a former executive vice president at China Development Bank (CDB), pleaded guilty to accepting 23.5 million yuan in bribes. From 2010 to 2019, Wang used his position to offer favors in financing and job arrangements in exchange for illegal gains. Although he retired five years ago, he was placed under investigation by China’s top anti-graft agency in July 2023 [para. 34].