The power struggle within the Chinese Communist Party (CCP) in the financial sector is escalating. The official website of the National Financial Supervision and Administration Bureau of the CCP (referred to as the Financial Supervision Bureau) indicates that the information of Director Li Yunze has been removed from the “Bureau Leadership” column. There are reports suggesting that Li Yunze has been dismissed from his position as Director of the Financial Supervision Bureau, while others indicate that he has been demoted.
According to a report by Hong Kong’s “Ming Pao” newspaper today (29th), Li Yunze was dismissed yesterday. Reuters further quoted sources familiar with the matter, stating that Li Yunze was demoted due to suspected disciplinary violations.
The CCP has not officially announced any changes in Li Yunze’s position, but on the Financial Supervision Bureau’s official website, there is no longer information about the Director, with only details of the three current Deputy Directors and the Head of the Discipline Inspection and Supervision Department.
Li Yunze’s last public appearance was on April 22nd when he attended a joint inter-agency meeting in Beijing to combat illegal financial activities. He served as the convener of the joint meeting and delivered a speech.
The day before, he met with Shriti Vadera, Chair of the Prudential Group, in Beijing. On April 15th, Li Yunze also met with Huang Kunming, Party Secretary of Guangdong Province, and Governor Meng Fanli in Guangzhou.
Public records show that Li Yunze, born in September 1970 in Yantai, Shandong Province, began his career at the China Construction Bank in 1993 when Wang Qishan was in charge of the bank. Li Yunze started as a grassroots cadre.
From 2005 onwards, Li Yunze held various positions at the China Construction Bank, including Vice President of the Tianjin Branch, Deputy General Manager of the Planning and Finance Department, General Manager of the Strategic Planning and Equity Investment Department, Director and Party Secretary of Chongqing Branch. He worked at the bank for over 20 years. In July 2016, he was appointed Vice President of the Industrial and Commercial Bank of China, and from September 2018 to May 2021, he served as Deputy Governor of Sichuan Province, then as a member of the Provincial Party Committee and Deputy Governor.
In May 2023, he became the Party Secretary and Director of the National Financial Supervision and Administration Bureau. He is a member of the 20th Central Committee, a member of the Monetary Policy Committee of the People’s Bank of China, and the first post-70s official to hold a department-level position in a central government institution, drawing attention and interest.
Li Yunze’s deputy, former Deputy Director of the Financial Supervision Bureau, Zhou Liang, is under investigation since March this year. Zhou Liang had long served as the Secretary to Wang Qishan, former member of the Political Bureau Standing Committee and Secretary of the CCP’s Central Commission for Discipline Inspection.
Earlier reports online had suggested that Li Yunze might face repercussions and hinted at a connection to the removal of Wang Qishan’s influence. However, this cannot be confirmed at present.
Independent commentator Cai Shenkun noted on X that Li Yunze started at the China Construction Bank but had mediocre abilities. Interestingly, mediocre individuals often receive recognition from Xi Jinping. It is rumored that Li Yunze’s position was personally appointed by Xi Jinping. Of course, the lineup of Party, government, and military officials from the 20th Congress were all handpicked by Xi Jinping, and now they are also falling one by one!