FINANCE

Economist Ba Shusong Out of Contact as Student-Linked Firm Draws Scrutiny

Published: Mar. 27, 2026 11:11 p.m. GMT+8

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Prominent Chinese economist Ba Shusong has been out of contact since mid-March, and multiple people familiar with the matter said his case may be linked to an alleged illegal fundraising scheme involving a former doctoral student.

No official information has been released on Ba’s status or the nature of the case.

Ba, 57, is a well-known academic and policy commentator with deep ties across China’s financial sector. He has long been active in public debate and built a wide network spanning universities, financial institutions and regulators.

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Prominent economist Ba Shusong has been out of contact since mid-March 2024, possibly linked to alleged illegal fundraising involving his former student Guo Yunzhao.
Guo's private equity business, Tuoze Huili, reportedly suffered heavy losses and faced lawsuits, with regulatory filings canceled in 2023.
The case highlights scrutiny over fundraising practices and the blurred lines between networking and regulation in China’s financial sector.

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Who’s Who

Tuoze Huili Enterprise Management (Hainan) Co. Ltd.: Tuoze Huili Enterprise Management (Hainan) Co. Ltd. is a company founded by Guo Yunzhao in 2015 with 10 million yuan in registered capital. Initially registered in Beijing, it later moved to Sanya, Hainan. The company's business scope shifted from private fund services to general corporate management and proprietary investment. It primarily invested in primary and pre-IPO projects, and its registration as a private fund manager was canceled in March 2023.

Shanghai Jinyuan Baili Asset Management: Shanghai Jinyuan Baili Asset Management is a company that sued Guo Yunzhao, a former doctoral student of economist Ba Shusong, in a financial contract dispute. The lawsuit involved approximately 77.9 million yuan. This information appears in the context of an alleged illegal fundraising scheme connected to Guo's private equity business.

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