Renowned Chinese economist Fu Peng, who was previously banned for criticizing China’s economic issues, has recently joined the Hong Kong-listed company Xinhuo Group as its Chief Economist.
According to a report by Tencent News, Fu Peng will be responsible for macroeconomic research and providing strategic analysis for institutional clients of Xinhuo Group. However, it is currently unclear whether he will be based in Hong Kong.
Formerly known as Xinhuo Technology, Xinhuo Group is a compliant digital financial services group headquartered in Hong Kong, formerly known as Huobi Technology.
Fu Peng had been serving as the Chief Economist at Northeast Securities Research Institute since February 2020.
On November 24, 2024, Fu Peng, then Chief Economist at Northeast Securities, delivered a speech at a HSBC Private Wealth Shanghai client sharing session titled “2024 Year-end Review and 2025 Outlook – Hedging Risks vs. Soft Landing.”
In his speech, Fu Peng mentioned that with the collapse of the population structure and the middle class in China, the economic outlook is not optimistic. He highlighted that the Chinese government has limited options and all sectors need to be psychologically prepared.
A leaked transcript of Fu Peng’s speech indicated that China’s economy had already faced “major problems” before the 2019 pandemic, and the situation has only worsened in recent years, including challenges such as a more intense trade war under the second term of Donald Trump, declining incomes, and downgrading consumption.
Fu Peng emphasized that the economic issues in China are far more severe than they appear on the surface, with the core problem being insufficient effective consumption. He stressed the need for boosting domestic demand by redistributing interests between the government and residents, rich and poor, and debt and leverage.
He pointed out that when the economy starts shrinking and the growth rate is insufficient, it is the lower classes who suffer first, with the poorest ultimately left without food on the table.
Fu Peng stated that the rise in China’s real estate market over the past 20 years was primarily based on two factors: the demographic dividend and leverage amplification. However, he noted that the model of relying on young people as “successors” is no longer viable due to their inadequate capability to take over.
He expressed pessimism about the upcoming year (2025), highlighting the limited room for maneuver in policies related to interest rates, exchange rates, and fiscal matters, and underscored the importance of redistributing resources effectively.
Fu Peng also criticized the public opinion environment, pointing out the dangers of silencing dissenting voices and the importance of speaking out to prevent misinformation leading to disastrous decision-making.
The leaked content of his speech went viral on Chinese social media platforms but was consistently censored. In December of that year, Fu Peng’s WeChat and short video platform accounts were all blocked.
Fu Peng graduated from the University of Reading in the UK, majoring in International Securities, Investment, and Banking. He began his career in international investment banking and subsequently held positions at Lehman Brothers in 2004 and Solomon International Investment Group in London.
Upon returning to China in 2008, Fu Peng held various positions, including Deputy General Manager of Shandong High-tech Venture Investment Company, Chief Macro Strategy Analyst at Zhongqi Group, and Deputy Director of Galaxy Futures Research Center. He was invited in 2020 to serve as the Chief Economist at Northeast Securities, where he wielded significant influence in macro-strategy and asset allocation.
Fu Peng’s personal social media account “Fu Peng’s Financial World” has millions of followers across platforms like Weibo and Xiaohongshu.
On April 30, 2025, reports surfaced online stating that Fu Peng had resigned from his position at Northeast Securities due to health reasons and was no longer affiliated with the company in any capacity. Subsequently, his information was no longer listed on the official website of the Chinese Securities Association.
When contacted by the media, the Investor Relations Department of Northeast Securities confirmed that the news was true, stating that Fu Peng had resigned due to personal health reasons.