How Ambition and Accidents Toppled the Chief of Shanghai’s State Investment Giant
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Jiang Shujie, who rose from a construction worker to the top post at one of Shanghai’s most powerful state-owned investment firms, is under investigation for suspected corruption — marking a dramatic end to a nearly four-decade career built alongside the city’s transformation.
On Aug. 18, 2025, Shanghai's top anti-corruption agency announced that Jiang, 61, Communist Party secretary and chairman of Shanghai Municipal Investment (Group) Corp., was suspected of “serious violations of discipline and law.” The firm, also known as Shanghai Chengtou, functions as the city’s sovereign wealth fund and primary vehicle for infrastructure investment.
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- Jiang Shujie, chairman of Shanghai Municipal Investment (Group) Corp., is under investigation for suspected corruption after a 40-year career in the construction sector.
- Under Jiang’s leadership (2017–2024), the company’s assets grew from 515.2 to 833 billion yuan and revenue nearly doubled to 41 billion yuan.
- His downfall followed internal company probes, a bribery scandal involving a vice president, and a crane collapse incident in December 2024.
- Shanghai Municipal Investment (Group) Corp.
- **Shanghai Municipal Investment (Group) Corp.** (also known as Shanghai Chengtou) is a state-owned investment firm and the primary vehicle for infrastructure investment in Shanghai. Founded in 1992, it plays a central role in the city's development, investing in projects from bridges to water systems.
- Shanghai Construction Group
- Jiang Shujie served as an assistant general manager at state-owned Shanghai Construction Group. In 2008, he was appointed commander of Shanghai's reconstruction efforts in Dujiangyan following the Sichuan earthquake while at the company.
- Shanghai Jiaoyun Group
- Shanghai Jiaoyun Group is a state-owned logistics firm that Jiang Shujie chaired after his political comeback in 2013, following his demotion from the Shanghai Municipal Construction and Transportation Commission.
- 1986：
- Jiang Shujie arrived in Shanghai and took a job at a local construction firm.
- By 1996：
- Jiang was made deputy manager during a company restructuring.
- 2008：
- Jiang, as assistant general manager at Shanghai Construction Group, was appointed commander of Shanghai's reconstruction efforts in Dujiangyan after the Sichuan earthquake.
- 2009：
- A building collapse occurred under Jiang's market supervision tenure.
- 2010：
- A fatal apartment fire occurred under Jiang's market supervision tenure.
- 2013：
- Jiang began his political comeback with a leadership role at the Zhangjiang High-Tech Industrial Zone.
- 2017：
- Jiang became chairman of Shanghai Chengtou (Shanghai Municipal Investment Group).
- 2024：
- Hu Xin, a vice president at Shanghai Chengtou, was investigated for corruption.
- By end of 2024：
- Shanghai Chengtou's total assets grew to 833 billion yuan under Jiang’s leadership.
- December 2024：
- A crane boom collapsed during a Shanghai Chengtou expressway project, prompting a ministerial probe.
- March 2025：
- Lu Zhifeng, a manager at another Chengtou unit, was placed under investigation.
- August 18, 2025：
- Shanghai's top anti-corruption agency announced a corruption investigation into Jiang Shujie.
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