On October 13, 2026, former Vice Secretary of the Chongqing Municipal Committee and former Mayor, Huang Qifan, was dismissed from office. After retiring from his official duties, Huang Qifan frequently gave speeches, but many of his economic-related remarks were considered sensitive and even censored by authorities, hinting at some secrets within the Chinese Communist Party.
It has been found that Huang Qifan has made several sensitive statements in the past. In July 2017, then Vice Chairman of the NPC Financial and Economic Committee, Huang Qifan, delivered a speech in Nantong, Jiangsu. The content of his speech was leaked around early August, but due to its sensitive nature, it was quickly censored on major Chinese websites, sparking speculation among the public.
During the speech, Huang Qifan touched on topics such as China’s supply-side reform, real economy, direct financing, capital market construction, deleveraging, and investment attraction. He pointed out that both private and state-owned Chinese companies have high debt levels relative to their capital, citing examples such as Evergrande and Wanda.
Huang Qifan also discussed the Chinese stock market, highlighting the lack of a proper mechanism for delisting underperforming companies.
He mentioned a project proposed by Terry Gou, involving significant sums of money and stock repurchase agreements, but due to the absence of equity collateral, Huang hesitated and terminated the deal.
An article from the Hong Kong Economic Daily suggested that Huang Qifan’s internal reports often contained more candid remarks. However, the leak of his lengthy report faced two sensitive issues. Firstly, the names of Huang Qifan’s former allies in Chongqing, Bo Xilai and Sun Zhengcai, are considered taboo as both have been arrested. Secondly, the topic of investment attraction that Huang discussed contradicts the official stance of Xi Jinping and Li Keqiang, making it a delicate matter.
Against the backdrop of the ongoing anti-extradition protests in Hong Kong in September 2019, the Chinese government introduced policies to develop the Shenzhen Special Economic Zone. In a video released by Sina Weibo on September 18, Huang Qifan admitted that Hong Kong’s status could not be replaced by cities like Shenzhen and Shanghai due to the “One Country, Two Systems” policy.
During the “2020 Small Business Big Dreams Summit” on October 9, 2020, Huang Qifan, Vice Chairman of the China International Economic Exchange Center, stated that the decoupling of the US and China in the financial sector would result in self-inflicted harm, akin to suicide. He also mentioned three key assets of China in the financial realm.
Firstly, China’s capital market lacks free convertibility, limiting the impact of external influences. Secondly, only 1.8% of China’s 30 trillion RMB financial assets are held by foreign entities, making it difficult for foreign investments to disrupt the market significantly. Lastly, operating financial businesses in China requires compliance with CCP regulations, or face penalties.
Li Hengqing, a scholar at the Washington Institute of Information and Strategic Studies, noted that Huang Qifan’s insights revealed crucial secrets of the Chinese Communist Party, shedding light on fears among capitalists, especially in the financial sector.
Li Hengqing pointed out that Huang Qifan’s comments on the inability to freely move money into and out of China highlighted a chilling reality for foreign investors. He also contrasted Huang’s remarks with the regime’s promises of creating a favorable environment for foreign businesses. The scholar surmised that if Huang’s claims were true, it would expose the falsehoods perpetuated by Xi Jinping and Li Keqiang.
Moreover, during the Wudaokou Financial Forum on May 14, 2022, Huang Qifan analyzed the current state of the capital market and proposed initiatives contradicting the government’s increased economic control policies. His suggestions included reducing intervention in the RMB exchange rate, enhancing the financial system, promoting the establishment of a legal modern enterprise system, optimizing resource allocation through market economics, ensuring rational secondary distribution, and improving investment channels for the public.
Coincidentally, on May 16, 2022, the CCP Central Office issued a document on strengthening Party construction work among retired cadres, prohibiting them from commenting recklessly on the Party’s major policies. This move was seen as potentially related to Huang Qifan’s previous remarks.