The Deputy Director of the National Financial Supervision and Administration Committee of the Chinese Communist Party (CCP), Zhou Liang, was officially announced to have been placed under investigation today (24th). Zhou Liang, who has long served as the secretary of Wang Qishan, former member of the CCP Politburo Standing Committee and Secretary of the Central Commission for Discipline Inspection, suddenly fell from grace, sparking speculation about power struggles within the CCP.
According to a statement from the CCP Central Commission for Discipline Inspection and the National Supervisory Commission on March 24th, Zhou Liang, a member of the CCP Party Committee and Deputy Director of the National Financial Supervision and Administration Committee, is under investigation for “serious violations of discipline and law”.
Information on the official website of the National Financial Supervision and Administration Committee shows that Zhou Liang’s most recent public appearance was when he presided over a commendation ceremony for the national financial supervision and administration system in February of this year.
Public records indicate that Zhou Liang, 55 years old and hailing from Yongzhou, Hunan province, began serving as Wang Qishan’s secretary in 1997. He followed Wang Qishan to various posts including Guangdong province, the State Council Reform Office, Hainan province, Beijing city, the State Council, and the Central Commission for Discipline Inspection. In 2013, he became Deputy Secretary-General of the Central Commission for Discipline Inspection; in April 2015, he was appointed as the Executive Deputy Minister of the Organization Department of the Central Commission for Discipline Inspection, and in September of the same year, he was promoted to Minister of the Organization Department of the Central Commission for Discipline Inspection.
Reports from the Chinese media outlet “Political Information Bureau” have mentioned that Zhou Liang is one of the longest-serving officials of the Central Commission for Discipline Inspection who worked closely with Wang Qishan, known for being low-key.
Starting from November 2017, Zhou Liang successively held positions as the Vice Chairman of the China Banking Regulatory Commission, the Vice Chairman of the China Insurance Regulatory Commission, the Party Secretary of the National Committee of the All-China Federation of Industry and Commerce, and part-time Vice Chairman, and in May 2023, he became the Deputy Director of the National Financial Supervision and Administration Committee.
Wang Qishan, who was familiar with Xi Jinping during the Cultural Revolution, served as the Secretary of the Central Commission for Discipline Inspection during Xi Jinping’s first term, aiding Xi in initiating a selective anti-corruption campaign. However, at the 19th National Congress of the CCP in 2017, there were high expectations for Wang Qishan to step down as a Standing Committee member and Secretary of the Central Commission for Discipline Inspection. In March 2018, Wang Qishan became the first Vice President of the country since 1998 to hold no positions within the CCP.
After Wang Qishan was appointed Vice President, his close friend and real estate magnate Ren Zhiqiang, as well as several former colleagues, encountered trouble. This includes Dong Hong, former Deputy Head of the Central Inspection Unit, who was sentenced to death with a reprieve in 2022 for bribery. Tian Huiyu, the former President of China Merchants Bank and Wang Qishan’s secretary during his tenure at the Construction Bank, was also sentenced to death with a reprieve. On October 10, 2024, Fang Yifei, former Deputy Governor of the People’s Bank of China, was sentenced to death with a reprieve. Fang Yifei served as the chief financial officer during Wang Qishan’s term as President of the Construction Bank.
With yet another former trusted aide of Wang Qishan falling out of favor, the hidden implications behind these developments are drawing attention.
Commentator Li Linyi pointed out that the financial system of the CCP is now under the control of Xi Jinping’s “iron rod” He Lifeng, who shares Xi’s enthusiasm for power. The investigation into Zhou Liang does not rule out the possibility that He Lifeng is further cleansing the financial system of those associated with previous regimes or factions related to the Crown Prince.
The current Secretary of the CCP Party Committee and Director of the National Financial Supervision and Administration Committee is Li Yunze. Apart from Zhou Liang, the leadership of the Committee also includes four other members: Xiao Yuanqi (Deputy Director), Cong Lin (female, Deputy Director), Fu Wanjun (Deputy Director), and Yang Guorui (Head of the Discipline Inspection and Supervision Department).