The Downfall of a Once Thriving Career: The Investigation of Jiang Chaoliang (AI Translation)
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文｜财新 武晓蒙 吴雨俭
By Wu Xiaomeng and Wu Yujian, Caixin
【金融我闻/武晓蒙、吴雨俭】一则突如其来的调查通告，让刚刚过去的这个周末颇不平静。时隔五年，当蒋超良以这种方式再度跃入公众眼帘时，尘封的集体记忆瞬间被勾起，他被查的原因成为当下各方最关注的话题。
【Finance News by Wu Xiaomeng and Wu Yujian】 A sudden investigation announcement made for a rather unsettled weekend. Five years on, when Jiang Chaoliang once again leapt into the public eye in such a manner, the dormant collective memory was instantly stirred. The reason for his investigation has become the focal point of attention for all parties.
2025年2月21日晚八点，中央纪委国家监委网站公告，十四届全国人大常委会委员、农业与农村委员会副主任委员蒋超良涉嫌严重违纪违法，目前正接受中央纪委国家监委纪律审查和监察调查。此时距离他被免去湖北省委书记五年零八天。很快，这一新闻登上头版头条，热度居高不下。
On the evening of February 21, 2025, at 8:00 PM, an announcement was made on the website of the Central Commission for Discipline Inspection and the National Supervisory Commission, stating that Jiang Chaoliang, member of the Standing Committee of the 14th National People's Congress and Deputy Chairman of the Agriculture and Rural Affairs Committee, was under investigation for serious disciplinary violations. He is currently undergoing disciplinary review and investigation by the Central Commission for Discipline Inspection and the National Supervisory Commission. This comes five years and eight days after his removal as Secretary of the Hubei Provincial Committee. Soon after, this news made the front-page headlines and maintained high attention.
蒋超良现年近68岁，湖南人，财政金融专业，近44年的职业生涯围绕“金融+地方政府”展开：相继掌舵过三家不同类型的银行，从交通银行到国家开发银行、再到农业银行，业务领域覆盖传统商业银行、政策性银行、农村金融；从吉林省长到湖北省委书记，他的仕途一度顺风顺水，是当年首位从商业银行董事长直接调任地方大员的金融高管。
Jiang Chaoliang, nearly 68 years old and originally from Hunan, boasts a career centered on "finance + local government" for almost 44 years. He has helmed three different types of banks: from Bank of Communications to China Development Bank, and then to Agricultural Bank of China. His experiences span traditional commercial banking, policy banking, and rural finance. From Governor of Jilin Province to Party Secretary of Hubei Province, his political career was once smooth sailing, making him the first financial executive of that time to transition directly from a commercial bank chairman to a major local government role.
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- Jiang Chaoliang, a former financial executive and Hubei Party Secretary, is under investigation for serious disciplinary violations, stirring public interest due to his prominent past roles in both finance and local government.
- His handling of the COVID-19 outbreak in Wuhan during his tenure as Hubei's Party Secretary drew criticism, leading to his replacement amid dissatisfaction with his crisis response.
- Allegations link Jiang to relationships possibly connected to financial scandals, though specifics remain unclear, and recent attention on the Wuhan Kingold fake gold case has highlighted further controversies in the region.
Jiang Chaoliang, a high-ranking Chinese political figure, is under investigation for serious disciplinary violations announced on February 21, 2025. This investigation, conducted by the Central Commission for Discipline Inspection, has drawn significant attention as he was previously a prominent figure with a career in finance and politics.[para. 1] Jiang, nearly 68 years old, had a long career spanning commercial banking, policy banking, and rural finance. His political career saw him in roles such as Governor of Jilin Province and Party Secretary of Hubei Province. He was known for transitioning from a commercial bank chairman to a key political figure.[para. 3]
During the early stages of COVID-19 in 2020, Jiang, as the Party Secretary of Hubei, faced criticism for poor handling of the crisis. His perceived inaction and lackluster communication during the pandemic response resulted in his replacement in February 2020 and later repositioned within the National People's Congress.[para. 4] His handling of the outbreak was seen as inadequate, leading to his reputation's decline, despite having previously been regarded as skilled both in banking and political governance.[para. 4]
In recent developments, Caixin reports that several individuals connected to Jiang, including his son-in-law Shen Junyu and brother Jiang Binliang, may face implications related to his investigation. Shen Junyu, notably active in investment banking, has a positive reputation within his field but is now absent from his duties at CITIC Trust amid these unfolding events.[para. 6] Additionally, historical connections between Jiang and figures within financial scandals, like the fallout from the Huarong affair involving Lai Xiaomin and Qin Ling, are being scrutinized as contributing factors to his current situation.[para. 7]
Significantly, during Jiang's tenure in Hubei, the Wuhan Kingold fake gold scandal emerged, involving substantial financial malpractice among numerous trust and insurance institutions. While rumors suggested Jiang's involvement due to his extensive connections within the financial sector, no direct link has yet been identified. This fraudulent scheme, led by Wuhan Kingold's Jia Zhihong, resulted in Jia receiving a life sentence.[para. 9] The case involved fake gold collateral for massive loans, with 25.345 billion yuan tied up among 15 financial entities. Nevertheless, investigations suggest Jiang might not directly relate to this affair, although former Hubei provincial Vice Governor Cao Guangjing, previously overseeing relevant sectors, has been convicted of accepting bribes and insider trading, indicating systemic issues in the region’s governance structures.[para. 13][para. 14]
These recent investigative developments, reflective of broader anti-corruption efforts in China, illuminate Jiang's complex career trajectory from esteemed banker to a politically embattled figure. His possible role in systemic financial malpractices or failure to appropriately manage regional crises indicates underlying challenges in effectively marrying financial expertise with political accountability in governance contexts.[para. 13]
- Bank of Communications
- From May 2004 to September 2008, Jiang Chaoliang served as Chairman and Party Secretary of the Bank of Communications (BoCom), leading its restructuring and listing. Under his leadership, BoCom completed financial restructuring, introduced HSBC as a strategic foreign investor, and became the first mainland Chinese commercial bank listed overseas. During this period, Jiang was noted for his professional capabilities and leadership in steering the bank's transformation.
- China Development Bank
- Between 2008 and 2011, Jiang Chaoliang served as the President of China Development Bank (CDB), partnering with then-Chairman Chen Yuan. CDB is one of China's policy banks, focusing on financing public infrastructure and supporting national economic development projects.
- Agricultural Bank of China
- The Agricultural Bank of China is a major financial institution where Jiang Chaoliang started his career. He worked in various roles, including in the Plan Department and the International Business Department. Later, he became its Chairman and Party Secretary, focusing on small and micro financial services, corporate business transformation, and expanding rural financial services. Under his leadership, by 2014, the bank's assets reached 16 trillion yuan, making it one of China's largest banks.
- HSBC Bank
- The article mentions HSBC in the context of HSBC Bank being a foreign strategic investor in the reform and public listing of the Bank of Communications.蒋超良 led these significant reforms during his tenure as the chairman of the Bank of Communications from 2004 to 2008.
- CITIC Trust
- CITIC Trust is mentioned as the employer of Shen Junyu, the son-in-law of Jiang Chaoliang. Shen, an "80s" graduate from a prestigious university, served in various roles at CITIC Trust, including Business Director and Department General Manager. As of 2023, he held the position of Managing Director. Shen is noted for his professionalism and modest demeanor within the financial industry.
- Huarong Investment
- Huarong Investment was mentioned in the article as being involved in a case related to Lai Xiaomin. Qingling, introduced to Lai Xiaomin by Jiang Chaoliang, was a significant figure who faced investigation within Huarong after Lai Xiaomin’s case. Qingling served as the chairman of Huarong Investment, which was also affected in the series of investigations post-Lai Xiaomin's scandal.
- Wuhan Jinhuang Jewelry Co., Ltd.
- Wuhan Jinhuang Jewelry Co., Ltd. was involved in a scandal where fake gold was used as collateral to secure financing worth 200 billion RMB from several financial institutions. The scheme, led by Chairman Jia Zhihong, impacted around 15 financial entities, and uncovered during the buyout of Hubei Sanhuan Group. Jia was sentenced to life imprisonment for fraud and other charges.
- Wuhan Jinhuang Industrial Group Co., Ltd.
- Wuhan Jinhuang is Hubei's largest gold jewelry processing company. From 2015, it financed using "gold pledge + insurance policy credit enhancement" but was exposed in 2020 for using "copper alloy" instead of gold. This fraud involved over 15 financial institutions with roughly 200 billion RMB at risk. The company's chairman, Jia Zhihong, was sentenced to life imprisonment in 2024.
- Hefei Boyin Investment Consulting Co., Ltd.
- Hefei Boyin Investment Consulting Co., Ltd. was involved in the Wuhan Kingold fake gold scandal. The company was one of the entities fined alongside others as the judicial proceedings concluded, emphasizing the widespread impact and the broader network of accountability in this high-profile financial fraud case.
- Hubei Sanhuang Group
- Hubei Sanhuang Group was involved in the Wuhan Kingold fake gold case. Wuhan Kingold used 70 billion yuan to participate in Sanhuang Group's mixed-ownership reform between 2015 and February 2020. However, the reform process faced several setbacks, leading to defaults on maturing financial products. The acquisition transaction was later invalidated by the Wuhan Intermediate Court, ordering the return of shares and the refund of acquisition funds to Wuhan Kingold.
- Hubei Shuanghuan Science and Technology Co., Ltd.
- Hubei Shuanghuan Science and Technology Co., Ltd. is mentioned in the context of a financial restructuring case involving former Hubei Vice Governor Cao Guangjing. During his tenure, Cao Guangjing led a bailout and restructuring of the company's controlling firm, and he leaked insider information, resulting in financial gains for others before the public disclosure of this information.
- August 1957：
- Jiang Chaoliang was born in Hunan province
- 1978：
- Jiang Chaoliang was admitted to the Department of Finance at Hunan Finance and Economics College
- February 1995：
- Jiang Chaoliang was appointed General Manager of the International Business Department at the Agricultural Bank of China
- April 1996：
- Jiang Chaoliang was transferred to the People's Bank of China as a deputy director of the Banking Department
- 1997：
- Jiang Chaoliang was transferred to serve as the President of the Shenzhen Special Economic Zone Branch of the People's Bank of China
- 1998：
- Jiang Chaoliang appointed as the first president of the Guangzhou Branch of the People's Bank of China
- September 2002：
- Jiang Chaoliang was reassigned to a local government position as Vice Governor of Hubei Province
- May 2004：
- Jiang Chaoliang served as Chairman and Party Secretary of Bank of Communications
- September 2008：
- Jiang Chaoliang was appointed as the president of China Development Bank
- August 2014：
- Jiang Chaoliang served as Deputy Party Secretary, Vice Governor, and eventually Governor of Jilin Province
- October 2016：
- Jiang Chaoliang became the Secretary of the Hubei Provincial Party Committee
- January 30, 2020：
- Jiang Chaoliang attended a press conference for the first time addressing public concerns about the COVID-19 pandemic
- February 12, 2020：
- Jiang Chaoliang chaired his final epidemic prevention and control meeting as Hubei Provincial Party Secretary
- February 13, 2020：
- Ying Yong succeeded Jiang Chaoliang as the Party Secretary of Hubei Province amid the COVID-19 pandemic
- August 2021：
- Jiang Chaoliang was appointed as Deputy Director of the Agriculture and Rural Affairs Committee of the 13th National People's Congress
- February 25, 2023：
- Shen Junyu attended a trustee selection meeting for Hainan Province's occupational annuity plan as Managing Director of CITIC Trust
- March 2023：
- Jiang Chaoliang served as a member of the Standing Committee of the 14th National People's Congress and as Deputy Director of the Agriculture and Rural Affairs Committee
- March 6, 2024：
- During the second session of the 14th National People's Congress, Jiang Chaoliang spoke at the Hubei delegation's group meeting
- May 28, 2024：
- Jia Zhihong was sentenced to life imprisonment for multiple offenses in the Wuhan Kingold fake gold case
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