Finance Movers and Shakers: SAFE Gets New Deputy, Ex-ICBC Executive Admits to Accepting $24 Million in Bribes

Finance Movers and Shakers is a biweekly newsletter that provides updates on prominent personnel changes and corruption scandals in China's finance sector. It is a resource for those interested in the dynamics of China's financial leadership and the ongoing efforts to maintain integrity within this crucial sector. [para. 1]

The newsletter begins by detailing the appointment of a new deputy chief at the State Administration of Foreign Exchange (SAFE). Li Bin, formerly the director of the Macroprudential Policy Bureau at the People’s Bank of China (PBOC), has filled the vacancy left by Wang Chunying's August departure when she assumed a role at the Export-Import Bank of China’s (Exim Bank) Communist Party committee. [para. 3][para. 4]

Notably, Wang Chunying has recently been named president of Exim Bank. She succeeded Ren Shengjun, who retired, and she also serves as vice chairman of the bank. Wang has had a long career at SAFE since joining in 1992 and has held various roles, including director of the balance of payments department and chief economist. She became a deputy chief in 2020, showcasing a career marked by consistent upward mobility in financial leadership. [para. 6][para. 7][para. 8]

Another significant development is at China Investment Corp. (CIC), the world’s second-largest sovereign wealth fund, which introduced a new party committee chief. Zhang Qingsong, recognized for his career at Chinese state-owned commercial banks and his leadership at Exim Bank, was appointed head of CIC’s party committee. His career progression includes becoming a deputy governor at PBOC in 2022. [para. 10][para. 11]

Highlighting cross-border appointments, Qi Bin, an executive vice president at CIC, has been appointed deputy director of the central government’s liaison office in Hong Kong. This move aligns with China's strategic efforts to bolster Hong Kong's status as an international financial hub, showcasing the government's focus on international financial engagement. [para. 13][para. 14]

The newsletter's second section, "Who Falls From Grace," addresses recent corruption scandals. Zhang Hongli, a former senior executive vice president at the Industrial and Commercial Bank of China Ltd. (ICBC), admitted to accepting bribes amounting to over 177 million yuan ($24.4 million) during his tenure from 2011 to 2022. The court proceedings were reported in Hangzhou, Zhejiang province. [para. 16][para. 17]

Similarly, Zhou Qingyu, formerly of the China Development Bank (CDB), received a 15-year prison sentence for accepting over 67 million yuan in bribes. The court in Jilin province imposed a fine of 5.2 million yuan as well. Zhou's activities, contributing to corruption at China's largest policy lender by assets, were documented over a span from 2013 to 2023. [para. 19][para. 20]

The investigation of Zhang Gengsheng, a former executive vice president of China Construction Bank Corp. (CCB), underscores ongoing anti-corruption efforts. As one of the “Big Four” state-owned commercial lenders, CCB has been pivotal in China's financial landscape. Zhang’s extensive career at CCB saw him in various roles before becoming an executive vice president in 2013 until 2020. [para. 22][para. 23]

Finance Movers and Shakers continues to be a vital source of news, offering insights into the progress and challenges within China’s financial sector. The newsletter invites readers to explore its previous editions and offers contact details for further inquiries or contributions. [para. 25]