FINANCE

Li Yunze Removed as Head of China’s Top Financial Regulator

Published: Jun. 1, 2026 12:20 p.m. GMT+8

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Li Yunze

Li Yunze has been removed as both minister and Communist Party chief of China’s National Financial Regulatory Administration (NFRA), Caixin has learned, ending his three-year tenure.

Authorities on April 28 informed NFRA leadership of the decision to remove Li, sources with knowledge of the matter told Caixin. Vice Minister Xiao Yuanqi was assigned to oversee daily operations on an acting basis, while no successor to the ministerial post was immediately announced, the sources said.

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Li Yunze removed as minister and party chief of China's NFRA on April 28, ending his three-year tenure.
Vice Minister Xiao Yuanqi assigned to oversee daily operations on an acting basis; minister post remains vacant.
Ding Xiangqun appointed as new NFRA party chief, previously chairperson of PICC.

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Who’s Who

China Construction Bank: China Construction Bank (CCB) is one of China's "Big Four" state-owned commercial lenders. Li Yunze, former minister of the National Financial Regulatory Administration, previously worked at CCB before serving as a vice governor of Sichuan province.

Industrial and Commercial Bank of China: Industrial and Commercial Bank of China (ICBC) is one of China’s “Big Four” state-owned commercial lenders. Li Yunze, the former NFRA minister, worked at ICBC earlier in his career before serving as vice governor of Sichuan province.

The People's Insurance Co. (Group) of China Ltd.: The People's Insurance Co. (Group) of China Ltd. (PICC) is a state-owned insurance giant. Its former chairperson, Ding Xiangqun, was appointed party chief of China's National Financial Regulatory Administration (NFRA) in April 2025.

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What Happened When

2023：: Li Yunze began his tenure as minister and Communist Party chief of the NFRA, coinciding with the regulator's creation during China's financial regulatory system overhaul.

2023-2026：: Li Yunze's leadership focused on tightening supervision of small and midsize financial institutions and addressing property sector risks, amid Beijing's broader efforts to contain systemic financial risks and support economic recovery.

April 28, 2026：: Authorities informed NFRA leadership of the decision to remove Li Yunze from his posts. Vice Minister Xiao Yuanqi was assigned to oversee daily operations on an acting basis.

As of 2026：: Li Yunze was removed as both minister and Communist Party chief of the NFRA, ending his tenure. The NFRA website listed the ministerial post as vacant as of 2026.

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