FINANCE

Shanghai Names Ex-Guotai Junan Chairman He Qing as Vice Mayor

Published: Mar. 31, 2026 11:43 p.m. GMT+8

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He Qing

Shanghai’s legislature has appointed senior financial executive He Qing as a vice mayor, a move that places a deal-making veteran at the heart of the city’s economic and state-asset agenda.

The Standing Committee of the Shanghai Municipal People’s Congress said on Tuesday that it had approved personnel changes at the close of its 29th meeting and named He as vice mayor. He, 54, has built his career across banking, insurance and securities — an unusually broad resume in China’s financial system — and has held a series of senior posts in Shanghai’s state-owned sector.

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Shanghai legislature appointed He Qing, 54, vice mayor; career in banking (ICBC, JPMorgan, Bank of Shanghai VP), insurance (CPIC GM), securities (Guotai Junan chairman).
He promoted Guotai Junan-Haitong merger, served as SASAC director.
Shanghai's 2025-2027 plan targets 10 competitive firms via M&As in semiconductors etc., 300B yuan; 2025 first 10 months: 351 deals, 304.2B yuan, up 25%.

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Who’s Who

Industrial and Commercial Bank of China: He Qing previously worked at Industrial and Commercial Bank of China’s Shanghai branch before joining JPMorgan Chase in Shanghai.

JPMorgan Chase: He Qing previously worked at JPMorgan Chase in Shanghai, managing corporate finance.

Bank of Shanghai: He Qing joined Bank of Shanghai in 2001, rising through international business roles in Pudong to become vice president, a tenure lasting about 14 years until 2015.

China Pacific Insurance (CPIC): He Qing joined China Pacific Insurance (CPIC) in 2015, becoming deputy general manager in 2016 and general manager in 2017, during which the insurer launched a broad strategic transformation.

Guotai Junan Securities: Guotai Junan Securities, a Shanghai state-owned brokerage, appointed He Qing as party secretary and chairman in 2019. It announced a merger with Haitong Securities in September, creating one of China’s largest brokerages by assets; He was a key promoter. He advocated deeper state-enterprise reforms post-announcement.

Haitong Securities: Haitong Securities, a Shanghai state-owned brokerage, announced in September a merger with Guotai Junan Securities. He Qing, a key promoter of the deal, helped position it to create one of China’s largest brokerages by assets.

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