On September 11, 2026, Ning Yong, Deputy Secretary of the Central Committee’s Financial Work Committee, attended the Beijing Financial Street Forum. This indicates that Ning Yong, former Minister of the United Front Department of the Hubei Provincial Party Committee, has been appointed as the Deputy Secretary of the Central Financial Work Committee.
Around half a year ago, in late March 2026, information published in the “Leaders Introduction” section of the People’s Daily, the official newspaper of the Communist Party of China, showed that Qin Bin, the former Deputy Secretary of the Central Financial Work Committee, had been reassigned to the Supervision Group of the Central Commission for Discipline Inspection (CCDI) and the National Supervision Commission stationed at the People’s Daily.
The Central Financial Work Committee, abbreviated as the Central Financial Work Committee, was first established in 1998, then disbanded in 2003, only to be reestablished in March 2023. In November 2023, Vice Premier of the State Council and Director of the Central Financial Office He Lifeng was appointed as the Secretary of the Central Financial Work Committee, while Wang Jiang, Executive Deputy Director of the Central Financial Office and a former student of He Lifeng at Xiamen University, was appointed as the Deputy Secretary of the Central Financial Work Committee.
It is noteworthy that He Lifeng is a close associate of the leader of the Communist Party, Xi Jinping, while the newly appointed Deputy Secretary of the Central Financial Work Committee, Ning Yong, is not from Xi’s faction but rather a fellow Anhui compatriot of Li Keqiang and Wang Yang. Ning Yong, a graduate of the Economics Department of Nankai University, has secretive connections with senior figures like Wen Jiabao and Li Ruogu. The career background of Ning Yong and his predecessor Qin Bin present many intriguing aspects.
According to public records, Ning Yong was born in December 1970 in Suzhou, Anhui Province. Li Keqiang, a prominent figure and former Premier of China, hails from Dingyuan County, Chuzhou City, Anhui Province. Wang Yang, a former member of the Politburo Standing Committee and Chairman of the Chinese People’s Political Consultative Conference, is also from Anhui, Suzhou. Ning Yong not only shares Anhui roots with Li Keqiang and Wang Yang but is also from Suzhou, like Wang Yang.
During the 19th National Congress of the Communist Party, members of the Tuan faction were “exterminated.” Both Wang Yang and Li Keqiang, born in 1955, failed to be re-elected to the Central Committee, thereby losing their eligibility to be re-elected as members of the Politburo and its Standing Committee. However, other members born in 1955, including Wang Huning, Cai Qi, and He Lifeng, who are close to Xi Jinping, were able to retain their positions. Li Keqiang stepped down as Premier of the State Council after just seven months and passed away unexpectedly at the end of October 2023.
From September 1988 to September 1992, Ning Yong studied Price Studies at the Department of Economics at Nankai University, where he obtained a bachelor’s degree. He then went on to earn a master’s degree and a Ph.D. in Political Economy from the Economic Research Institute at Nankai University from September 1992 to July 1998.
In publicly available reminiscences and the list of doctoral students at the Nankai Institute of Economics, it is revealed that Ning Yong was advised by Gu Shutang. Gu Shutang, born in October 1925 in Weihai, Shandong Province, was a prominent figure in the field of economics at Nankai University. He began teaching at Nankai University after graduating and held various positions within the Economics Department, serving as a leading figure until his death in March 2016.
Former Chinese Premier Wen Jiabao, a native of Tianjin who attended Nankai Middle School in the city, undertook macroeconomic and financial system reform during his tenure. Gu Shutang, as one of the leading figures in political economics at universities nationwide, provided significant theoretical support for financial system reform through his research on theoretical bases for the reform of China’s economic system and the allocation of contributions by elements.
Additionally, Gu Shutang cultivated numerous economic scholars active in politics, academia, and the business sector. Many of Gu Shutang’s disciples became important participants in the formulation of national economic policies or members of economic advisory bodies during Wen Jiabao and Li Keqiang’s time in office.
For instance, Gu Shutang’s doctoral student Chang Xiuzi was appointed as the Deputy Director of the Economic Research Institute of the National Development and Reform Commission (China’s macroeconomic research institute) in around 1995 and later served as a professor at the institute. During Li Keqiang’s tenure as Premier, Chang Xiuzi was engaged in discussions on political system reform. Chang Xiuzi also provided public commentary on Wen Jiabao’s government work report on China Central Television twice, endorsing Wen Jiabao’s reform measures.
Another of Gu Shutang’s doctoral students, Gao Guoli, was appointed as the Deputy Director and Researcher of the Institute of Land Development and Regional Economy at the National Development and Reform Commission (China’s macroeconomic research institute) during Li Keqiang’s tenure as Premier around 2014 and was promoted to Director of the institute around 2017.
Gu Shutang’s master’s student Ma Jiantang was appointed as the Party Secretary and Director of the National Bureau of Statistics in September 2008 during Wen Jiabao’s term as Premier. During Li Keqiang’s tenure as Premier, in April 2015, Ma Jiantang was transferred to Deputy Director of the National School of Administration (executive department level) and, in March 2018, was reassigned as Party Secretary and Deputy Director of the Development Research Center of the State Council.
Wen Jiabao’s political ally and veteran leader Li Ruogu, also from Tianjin, served as the Mayor and Secretary of the Tianjin Municipal Party Committee from 1981 to 1989. Gu Shutang, who was the Director of the Nankai Institute of Economics at the time and the first Dean of the School of Economics at Nankai University, also held positions like the Deputy Director of the Tianjin Municipal Government Advisory Committee, providing economic decision-making advice and theoretical support for the economic decisions of the Tianjin Municipal Government led by Li Ruogu.
Around 1984, a wave of active thinking among young and middle-aged economists emerged in China. As a leading figure at the Nankai Institute of Economics, Gu Shutang supported young scholars like Chang Xiuzi to explore paths for reforming China’s market economy. At that time, Li Ruogu, then the Mayor of Tianjin, personally met with a group of young economists from Tianjin to discuss economic issues and held meetings with them.
Many of Gu Shutang’s students stayed in academia or took up government positions in Tianjin. Gu Shutang’s doctoral student Chen Zongsheng served as Deputy Director of the Development Planning Commission of Tianjin Municipality from 1996 to 2001, then transferred to the Tianjin Municipal Government as Deputy Secretary-General in charge of finance and taxation. Gu Shutang’s doctoral student Pang Jinju once served as Vice President of Nankai University and President of the Tianjin Research Institute for Economic System Reform.
After obtaining his doctorate, Ning Yong worked at Everbright Bank for more than twenty years, from July 1998 to July 2019.
In recent years, several high-ranking officials of China Everbright Group and Everbright Bank have fallen from grace, including Tang Shuangning, Li Xiaopeng, Zhang Huayu, and Yan Guijun.
Tang Shuangning, born in October 1954 and a graduate of Dongbei University of Finance and Economics, served as Chairman and Party Secretary of China Everbright Group from June 2007 to December 2017, holding the position for more than ten and a half years. Tang Shuangning was taken down in July 2023 and sentenced to twelve years in prison in December 2024.
During Tang Shuangning’s time at the helm of China Everbright Group, Ning Yong successively served as the Branch Manager and Party Secretary of China Everbright Bank in Ningbo, the General Manager of the Corporate Business Department, and Manager of Interbank Facilities Department at China Everbright Bank, as well as the General Manager of the Strategic Planning Department at China Everbright Group.
Li Xiaopeng, born in May 1959 and a Ph.D. graduate in Finance from Wuhan University, took over as Chairman and Party Secretary of China Everbright Group from Tang Shuangning in December 2017 until his retirement at the age limit in 2022. During his tenure, he also served as Party Secretary and Chairman of China Everbright Bank. Li Xiaopeng was investigated in April 2023 and sentenced to fifteen years in prison in March 2025.
While Tang Shuangning was leading China Everbright Group, Ning Yong served as the General Manager of the Strategic Planning Department (China Everbright Research Institute, Postdoctoral Workstation).
Zhang Huayu, former Party Deputy Secretary and Vice President of China Everbright Bank, was investigated in January 2022 and sentenced to twelve years and six months in prison in August 2023. Born in October 1958, Zhang Huayu graduated from Henan Banking School (later known as the Zhengzhou Training College of the People’s Bank of China) and joined China Everbright Bank in 2001, serving as Vice President from March 2007 to August 2018, along with concurrent duties as Party Secretary and Chairman of Everbright Financial Leasing Co., Ltd., for eleven years. Ning Yong and Zhang Huayu had frequent interactions during their time at China Everbright Bank.
Furthermore, Ning Yong served as Assistant Branch Manager and Deputy Branch Manager at China Everbright Bank in Ningbo from March 2001 to July 2004. He worked under Yan Guijun, who was Assistant and Deputy Branch Manager of Ningbo Branch for almost four years. Yan Guijun later served as Branch Manager of China Everbright Bank in Zhejiang, President of Everbright Group’s Asset Management Company, Party Secretary and Chairman of Everbright Xinglong Trust Co., Ltd., and President and Chairman of Everbright Trust, finally stepping down in January 2021.
Yan Guijun was accused of bribery, illegal loan disbursements, and abuse of power in his role at a state-owned company during his trial on May 27, 2025. This was the first time the official confirmation of his investigation was disclosed to the public.
From July 2019 to February 2021, Ning Yong was appointed as Vice President and Party Committee Member of the China Export-Import Bank. He served as the right-hand man of three successive Presidents of the China Export-Import Bank: Liu Liange (February 2015 to June 2018), Zhang Qingsong (September 2018 to September 2019), and Wu Fulin (2020 to 2022).
Liu Liange resigned as President of the China Export-Import Bank to become President and Chairman of the Board of China Construction Bank. He was relieved of his duties as Party Secretary of China Construction Bank in February 2023 and resigned from other positions at the bank in March 2023. He was reported to have fallen in disgrace in March 2023 and was sentenced to death with a two-year reprieve in November 2024.
In February 2021, Ning Yong was appointed a Member of the Party Committee of the Hubei Provincial Government, and two months later, he was promoted to Deputy Governor and Party Committee Member of Hubei Province. He served as the right-hand man of Governor Wang Xiaodong and Wang Zhonglin.
In June 2022, Ning Yong was promoted to Member of the Standing Committee and Minister of the United Front Work Department of Hubei Province, Party Secretary of the Provincial Political Consultative Conference, until his transfer in July 2026. During this time, he worked under three Party Secretaries of Hubei Province: Wang Menghui (March 2022 to December 2024), Wang Zhonglin (December 2024 to May 2026), and Guan Zhixiu (May 2026 to present).
Ning Yong worked in the Hubei Provincial Government and Party for over five years. In recent years, the officialdom of Hubei Province has undergone thorough cleansing. One of Ning Yong’s former leaders, Wang Xiaodong, was arrested on May 17, 2026, while serving as Deputy Director of the Agricultural and Rural Affairs Committee of the National Committee of the CPPCC.
Wang Zhonglin, Ning Yong’s former superior, was appointed as the Party Secretary of the Communist Party of Hubei Province in December 2024, succeeding Wang Menghui. Less than a year and a half later, on May 30, 2026, he was abruptly removed from his position. On June 26, 2026, Wang Zhonglin was appointed as Deputy Chairman of the National People’s Congress Environmental and Resources Protection Committee. Wang Zhonglin, a prominent figure in Xi Jinping’s “Shandong faction,” was only 64 years old, still below the retirement age threshold of 65 for officials at the department level. There were various speculations surrounding Wang Zhonglin’s removal, with rumors of his involvement in cases related to Ma Xingrui and Wei Xiaodong.
Ning Yong’s predecessor as Deputy Secretary of the Central Financial Work Committee, Qin Bin, was born in November 1968 in Lingchuan County, Guilin City, Guangxi Zhuang Autonomous Region. After graduating from Shanghai Jiaotong University, he held positions in the Organization Department of the Guangxi Autonomous Region, eventually serving as Director of the Office of the Organization Department of the Guangxi Autonomous Region under the leadership of Chen Jiwu for nearly three years.
Chen Jiwu, born in June 1954 in Guang’an, Sichuan Province, had a long career in Chongqing before being appointed as a Standing Member of the Communist Party Committee and Director of the Organization Department of the Guangxi Autonomous Region in September 2003. In May 2008, he was promoted to Deputy Secretary of the Party Committee of Guangxi Zhuang Autonomous Region and also held the position of Secretary of the Party Committee. He served as the right-hand man and chief steward of Guo Shengkun, a prominent member of the Jiang faction in Guangxi Zhuang Autonomous Region.
Qin Bin was then transferred to the position of Standing Committee Member and Director of the Party Committee of the Education Department of the Guangxi Autonomous Region, before being reassigned as Deputy Secretary of the Supervision Commission of the Guangxi Autonomous Region in November 2016. In November 2023, he was assigned to the position of Deputy Secretary of the Central Financial Work Committee, and in March 2026, he was appointed as the Head of the Supervision Group of the Central Commission for Discipline Inspection (CCDI) and the National Supervision Commission stationed at the People’s Daily.
Qin Bin served in Hechi City in Guangxi from August 2007 to August 2013, holding various positions such as Deputy Secretary and then Secretary of the Hechi City Committee, Deputy Secretary of the Hechi City Committee, Secretary of the Education Department of the Guangxi Autonomous Region, and Vice Secretary of the Supervision Commission of the Guangxi Autonomous Region. His tenure overlapped with Blue Tianli’s time as Party Secretary of the Hechi City Committee for almost four years.
Known as the “King of Guangxi,” Blue Tianli fell from grace in May 2025 during his term as Chairman of the Guangxi Autonomous Region government. This led to ongoing purges in Hechi City and Guangxi’s officialdom.
It’s worth noting that Ning Yong’s current leader, the Secretary of the Central Financial Work Committee, He Lifeng, and the Executive Deputy Secretary, Wang Jiang, are both alumni of the Economics Department at Xiamen University.
He Lifeng, a native of Xingning, Guangdong, was born in February 1955 in Longyan City, Fujian Province. From 1978 to 1984, he obtained bachelor’s and master’s degrees in Finance at the Economic Department of Xiamen University. He later pursued an in-service graduate study in Economics at Xiamen University and obtained a Ph.D. in Economics from the Financial Department of Xiamen University from 1995 to 1998.
Wang Jiang, born in July 1963 in Rushan, Weihai City, Shandong Province, graduated from the Financial Department of Shandong Economic College with a major in Finance. Wang Jiang subsequently worked as an Associate Professor and Deputy Director of the Finance Department at Shandong Economic College from 1992 to 1999. He also studied as a senior visiting scholar at Xiamen University’s Economics Department from August 1995 to September 1996 and pursued a doctorate in finance through the Finance and Economics major program at the Financial Department of Xiamen University from September 1996 to June 1999.
He Lifeng is a close associate of Xi Jinping, having served as Vice Chairman of the Chinese People’s Political Consultative Conference, Deputy Director and later Director of the National Development and Reform Commission, and Vice Chairman of the National Committee of the CPPCC after the 19th National Congress of the Communist Party. Xi Jinping promoted He Lifeng to a member of the Politburo, Vice Premier of the State Council, concurrently serving as head of the Central Financial Office and Secretary of the Central Financial Work Committee. Following the 20th National Congress of the Communist Party, he became a member of the Political Bureau and Vice Premier of the State Council, overseeing financial and economic affairs.
After He Lifeng’s ascent, many alumni from Xiamen University were appointed to key positions, leading to speculation about a “Xiamen University alliance” being fostered by He Lifeng. Apart from Wang Jiang, Shendanyang, the current director of the State Council Research Office, graduated from Xiamen University’s Department of Foreign Trade in 1985.
In recent years, several of He Lifeng’s Xiamen University alumni, including high-ranking officials like Wei Xiaodong and Wang Lixia, and Lin Jingzhen, a middle-level official, have been successively purged.
Wei Xiaodong, Chairman of the Beijing Municipal Committee of the CPPCC, fell from grace on June 6, 2026, amid claims of being a political fixer for the “Fujian-Jiangxi Five Tigers” (Cai Qi, Huang Kunming, He Lifeng, Wang Xiaohong, and Chen Xi), all Xi Jinping allies. Wei Xiaodong, a native of Zhangzhou, Fujian Province, graduated in 1983 with a degree in Planning and Statistics from Xiamen University, Ning Yong’s alma mater.
Lin Jingzhen, a former member of the Communist Party Committee, Executive Director, and Vice President of China Bank, was officially taken down on September 9, 2025. Born in May 1965 in Huian County, Quanzhou City, Fujian Province, Lin Jingzhen attended Xiamen University from 1983 to 1987, majoring in Finance and Economics. He obtained a Master of Business Administration (MBA) degree from Xiamen University in 2000.