In Depth: Influential Economist Ba Shusong Goes Silent After Months of Travel Ban Rumors

1. Ba Shusong, a highly regarded Chinese economist and former chief China economist at Hong Kong Exchanges and Clearing Ltd. (HKEX), has been uncontactable since mid-March 2025, according to information gathered by Caixin from various sources. His disappearance was first noted after he returned to mainland China from Hong Kong, amid ongoing rumors of a possible travel ban. Friends and professional contacts in cities like Beijing and Shanghai became alarmed by his abrupt silence, especially on his previously active social media accounts, pointing to an unusual and complete loss of contact. The specific reasons behind Ba’s sudden disappearance remain uncertain, but his absence has generated concern and speculation across China’s financial and academic circles, where he was highly influential due to his large following and public presence. [para. 1][para. 2][para. 3]

2. The timing of Ba’s sudden silence coincides with a high-profile joint anti-corruption campaign launched in Hong Kong on March 10, 2025, by the city’s Independent Commission Against Corruption and the Securities and Futures Commission. This probe, which targets irregularities in Hong Kong’s IPO market, resulted in raids of several mainland-backed brokerages and a private equity firm, with at least eight individuals reportedly detained. While Ba’s case overlaps temporally with this crackdown, no confirmed link to him has emerged. [para. 4]

3. Colleagues and acquaintances highlighted Ba’s prolific presence on Chinese social media, especially WeChat and Weibo, where he commanded more than 11.39 million followers. His Weibo account was last updated on March 11, and his Facebook page has been dormant since March 9. Ba’s last public online appearance occurred on January 22, when he spoke at an economic forum in Macao, and he gave another presentation for HKU on January 27. It was noted that Ba had cited health reasons and a need for rest as a rationale for his hiatus from in-person activities and for sharing thoughts online. [para. 5][para. 6][para. 7][para. 8][para. 9]

4. HKEX officially announced on March 24, 2025, that Ba had left the exchange at the end of that year, where he had served in a part-time advisory capacity recently. [para. 10]

5. Ba, who is 57 and widely known as “Dr. Ba,” built a reputation for his clear communication and broad professional networks. He began his HKEX tenure in April 2015 as its first chief China economist, serving under then-CEO Charles Li, and often acted as the public face for the exchange’s China-focused initiatives. His work primarily involved macroeconomic research and policy recommendations, rather than direct business management or revenue generation, and focused especially on the internationalization of the Chinese yuan and the promotion of Hong Kong as an offshore financial center. [para. 11][para. 12][para. 13][para. 14][para. 15][para. 16]

6. In recent years, Ba’s involvement at HKEX lessened following changes in exchange leadership. In early 2025, he reportedly took leave for health reasons, his academic focus increased, and his contract expired by year-end. Ba became a non-tenured professor of practice at the University of Hong Kong Business School in February 2025, where he focused on finance topics and continued teaching online due to ongoing health concerns. He also held adjunct teaching positions at leading Chinese universities and served as a committee member at Columbia University. [para. 17][para. 18][para. 19][para. 20][para. 21]

7. Ba’s extensive career included advisory roles for Chinese policymakers, such as participating in sessions for the Politburo and being part of the expert panel for China’s 13th Five-Year Plan. Known for his ambition and openness about monetizing his expertise, Ba purposely set high speaking fees, while gradually scaling back on media engagement over the last decade. [para. 22][para. 23][para. 24][para. 25][para. 26][para. 27]

8. His personal background is notable: born to a farming family in Hubei in 1969, Ba rose to prominence via academic and policy route, eventually holding senior roles including deputy head of the economic affairs department of the central government’s Liaison Office in Hong Kong, and later in several Hong Kong and mainland advisory or economic roles. His most recent notable appointments included membership in the Hong Kong Chief Executive’s Policy Unit Expert Group (renewed in May 2025) and the Mainland Opportunities Committee of Hong Kong’s Financial Services Development Council. [para. 28][para. 29][para. 30][para. 31]

9. Ba’s wife, Xing Yujing, herself an accomplished economist with a long career in China’s central bank system, also became unreachable in recent times. She served as the head of the People’s Bank of China’s Shenzhen branch and later took a secondment to the Hong Kong Monetary Authority. Her assignment ended in late 2025, after which she reportedly took early retirement and also fell silent on social media, missing her regular posts. These developments have deepened the mystery surrounding Ba’s and Xing’s sudden public absence. [para. 32][para. 33][para. 34][para. 35][para. 36]