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 nearly 40-year career.
- Under Jiang’s leadership from 2017 to 2024, the firm’s assets grew from 515.2 billion yuan to 833 billion yuan, and revenue nearly doubled to 41 billion yuan.
- His downfall followed a series of management failures, internal corruption probes, and a serious construction accident in December 2024.
- Shanghai Municipal Investment (Group) Corp.
- Shanghai Municipal Investment (Group) Corp., also known as Shanghai Chengtou, is a state-owned investment firm functioning as Shanghai's sovereign wealth fund and primary vehicle for infrastructure investment. Wholly owned by the city government, it invests in projects like bridges and water systems. Under Jiang Shujie's leadership, its assets grew significantly.
- Shanghai Construction Group
- Jiang Shujie, under investigation for corruption, was 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. His success there led to a promotion at the Shanghai Municipal Construction and Transportation Commission.
- Shanghai Jiaoyun Group
- Shanghai Jiaoyun Group is a state-owned logistics firm. Jiang Shujie, who would later become the chairman of Shanghai Municipal Investment (Group) Corp., held a leadership role at Shanghai Jiaoyun Group. This appointment in 2013 marked a political comeback for Jiang after being demoted from his previous position at 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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