Former Chinese Finance Minister Lou Jiwei appeared at the Global Wealth Management Forum in Beijing on August 8th, sparking speculation after rumors circulated online that he was under investigation. Analysts say that the rampant rumors in official circles are related to the opaque nature of the Chinese Communist Party’s political system and intense power struggles.
According to the official WeChat account of the Global Wealth Management Forum, Lou Jiwei attended a seminar on “Progress, Challenges, and Strategies of Activating Local State-Owned Assets” held in Beijing and delivered a summary speech on August 8th.
Lou Jiwei’s reappearance once again attracted attention from the public. Earlier, on July 31st, media personality Jiang Wangzheng revealed on platform X that Lou Jiwei was being investigated.
On the same day, independent commentator Cai Shenkun posted on platform X, claiming that with the secretaries of Li Ruohan, Wen Jiabao, and Wang Qishan being arrested, it was finally the turn of Zhu Rongji’s close ally, Lou Jiwei. Xi Jinping, in order to secure re-election at the 21st Congress, is frantically purging remnants of the previous administration to eliminate potential threats.
However, Cai Shenkun later posted stating that Lou Jiwei would make a public appearance on August 8th to dispel rumors, but it did not necessarily mean he would be safe. Xi Jinping’s cleansing of the remnants of the previous administration has extended from Jiang Zemin, Hu Jintao, Wang Qishan, Wen Jiabao, and Li Ruohan to Zhu Rongji, targeting senior party members with influence before Xi Jinping’s re-election at the 21st Congress.
Lou Jiwei’s appearance stirred up discussions on platform X, with speculations divided into two camps: “Lou seems to have landed safely.” “Indeed, being able to attend and speak, he should be relatively safe.” “Don’t say that, there are plenty of cases of being arrested the day after speaking.” “The former Finance Minister Lou Jiwei, who has long retired, was rumored to have been arrested and had to show up to reassure everyone. Actually, it’s not surprising whoever gets arrested, just look at how many top generals are left in the current regime.”
During Zhu Rongji, Wen Jiabao, and Li Keqiang’s terms as Premier of the State Council, Lou Jiwei was repeatedly promoted. In March 1998, shortly after Zhu Rongji became the Premier of the State Council, Lou Jiwei was appointed as Vice Minister of Finance and Deputy Secretary of the Party Committee; during Wen Jiabao’s term as Premier, Lou Jiwei was promoted to the rank of director within the State Council, serving as the Chairman of China Investment Corporation; after Li Keqiang became Premier of the State Council, Lou Jiwei served as the Minister of Finance.
In November 2016, at the age of 66, Lou Jiwei stepped down as the Minister of Finance and assumed the position of Chairman of the National Social Security Fund Council. In April 2019, Lou Jiwei suddenly stepped down from his position as Chairman of the National Social Security Fund Council. At the time, media reports speculated that Lou Jiwei was dismissed early due to displeasing the CCP leader Xi Jinping.
Lou Jiwei has openly opposed policies under Xi’s regime on multiple occasions. In 2019, during the National People’s Congress of the Chinese Communist Party, he publicly criticized Xi’s so-called “Made in China 2025” strategy, stating that it was a waste of taxpayers’ money and had achieved very little.
China expert Li Linyi suggests that Lou Jiwei’s public appearance to dispel rumors may have been an enforced move. However, the proliferation of such rumors within the CCP’s official circles has become commonplace due to the party’s opaque political system and heightened power struggles, particularly before the 21st Congress, especially leading up to the Fifth Plenary Session when tensions between Xi Jinping and the old guard from the previous administration remain high.