In recent years, a number of high-ranking financial and bank executives in Zhejiang Province have come under investigation. Notably, the current Chinese Communist Party leader Xi Jinping once served as the top official in Zhejiang. Many of Xi’s close associates at national and provincial levels have strong ties to the financial sector in Zhejiang.
On February 2, 2026, Jiang Yulin, the General Manager of the Audit Center of China CITIC Bank in Shanghai, turned himself in for investigation. Jiang had previously held positions at the Hangzhou branch of China CITIC Bank and served as the Deputy General Manager of Zhejiang Commercial Bank. Additionally, Gao Qiang, former head of the Zhejiang branch of Construction Bank, and Feng Jianlong, former head of the Zhejiang branch of Agricultural Bank, were recently expelled from the Chinese Communist Party.
Over the past two years, a significant number of banking executives in Zhejiang Province have faced disciplinary actions. Jiang Yulin, born in June 1968, had a long career at China CITIC Bank in Hangzhou before relocating to the bank’s audit center in Shanghai. The bank’s Shanghai audit center is under the umbrella of China CITIC Group, the largest subsidiary of China CITIC Bank.
China CITIC Bank, established by a state-owned enterprise, is one of the earliest commercial banks in China to engage in domestic and international financial markets. It currently ranks as the seventh largest bank in mainland China.
Jiang Yulin graduated from Zhejiang Banking School, now Zhejiang Institute of Finance, in 1991, and later held various positions at China CITIC Bank over the years. He moved to China CITIC Bank headquarters in 2013 after more than two decades of service in Hangzhou, where he was also associated with leading figures such as Cai Qi and Huang Kunming during their tenures as top officials in the city.
Furthermore, Gao Qiang, who previously served as the Party Secretary and President of the Zhejiang branch of China Construction Bank, and Feng Jianlong, who held the same positions at the Zhejiang branch of Agricultural Bank, were expelled from the Party for alleged misconduct involving personal gains through illicit activities.
The recent crackdown on financial and banking executives in Zhejiang has highlighted the close connections between political leadership and the financial sector in the province. The purge of officials like Jiang Yulin, Gao Qiang, and Feng Jianlong signals ongoing efforts to root out corruption within the industry, amidst a broader campaign led by the Chinese authorities.
These developments come against the backdrop of Zhejiang’s significance as a major economic hub in China. The province has been closely associated with President Xi Jinping’s tenure as a provincial leader, during which he promoted a number of officials who are now in key positions at the national level. This “Zhejiang camp” of officials, which includes figures like Li Keqiang, Cai Qi, Huang Kunming, and others, has played a significant role in shaping the governance and policies of China.