Former Chief of Beijing Branch of the PBoC, Chao Kejian, who had just taken office as the Party Secretary and Chairman of China Financial Electronic Group (CFEG) under the PBoC for less than a month, had his information removed by the authorities and multiple activity reports deleted. It was reported that Chao Kejian was taken away for investigation a week ago. He had previously served in the Shanghai Stock Exchange and the political arena in Shanghai.
According to a report from the mainland financial column “Finance in My Ears” on the evening of June 9, 2026, Chao Kejian, the Party Secretary and Chairman of CFEG, was taken away for investigation by the relevant department a week ago after serving for just over twenty days.
On May 11, 2026, CFEG held a meeting to announce the appointment of key personnel. Zou Lan, a member of the PBoC Party Committee and Deputy Governor, attended the meeting. It was announced at the meeting that Chao Kejian would serve as the Party Secretary of CFEG and was nominated for Chairman. Subsequently, the company held a board meeting and elected Chao Kejian as Chairman.
Established in 1988 with the approval of the State Council of the PRC, CFEG was formerly the China People’s Bank’s (PBoC) Accounting Factory founded in 1957 and is an enterprise under the PBoC.
CFEG’s official website’s “Group Leadership” page was updated on May 13, 2026, showing Chao Kejian as the Party Secretary and Chairman. However, a verification by a reporter from Epoch Times on June 10, 2026, found that Chao Kejian’s name was no longer displayed on CFEG’s official website’s “Group Leadership” page.
Before joining CFEG, Chao Kejian had served as the Party Secretary and Chief of Beijing Branch of the PBoC since 2024 and as the Director of the Beijing Branch of the State Administration of Foreign Exchange of the PRC.
According to reports from several media outlets, multiple news articles related to Chao Kejian’s attendance and speeches as the Party Secretary and Chief of Beijing Branch of the PBoC, as well as Director of the Beijing Branch of the State Administration of Foreign Exchange of the PRC, previously published on the websites of the State Administration of Foreign Exchange, including the Beijing Branch, have been removed. Some old links now display “Page Not Found” or redirect to the homepage.
A verification by an Epoch Times reporter on June 10, 2026, found that a search for “Chao Kejian” on the official website of the State Administration of Foreign Exchange yielded 0 results.
Reports from Caixin indicated that Chao Kejian was once seen as a rising star within the PBoC. However, in early May 2026, Chao Kejian was unexpectedly transferred to a subordinate institution under the PBoC, contrary to industry expectations. A source close to the system revealed that it was initially thought that Chao Kejian might take on an important position in the regulatory system in Shanghai, but his sudden transfer to a subordinate institution may now appear as a foreshadowing.
Public records show that Chao Kejian, born in September 1971 in Changzhou, Jiangsu Province, is a Ph.D. in Economics and a Senior Economist. He had a long service history at the Shanghai Stock Exchange, holding positions such as Manager of Market Development Department, Senior Manager of Market Promotion Team, Senior Manager of International Development Department, Executive Manager of International Development Department, Deputy Director of International Development Department, Director of International Development Department, and Director of Issuance and Listing Department.
During Yu Zhengsheng’s tenure as the Party Secretary of Shanghai and Han Zheng’s tenure as the Mayor of Shanghai, Chao Kejian was promoted to Deputy District Chief of Jing’an District in early 2012.
When Han Zheng was the Party Secretary of Shanghai and Yang Xiong was the Mayor of Shanghai, Chao Kejian held various positions, including Member of the Standing Committee of the Jing’an District Committee, Minister of the United Front Work Department, Deputy Chairman of the District Political Consultative Conference, among others. In December 2015, he was transferred to become a Member of the Standing Committee of the Huangpu District Committee and Minister of the United Front Work Department, and in October 2016, he was appointed as a Member of the Standing Committee of the Huangpu District Committee and Deputy District Chief.
During Li Qiang’s tenure as the Party Secretary of Shanghai and Ying Yong’s tenure as the Mayor of Shanghai, Chao Kejian was promoted to Deputy Secretary of the Huangpu District Committee and District Chief in October 2018.
Chao Kejian was transferred to the Director of the Anti-Money Laundering Bureau of the PBoC by late December 2020. At that time, Yi Gang was the President of the PBoC (from March 19, 2018, to July 25, 2023), and Guo Shuqing was the Party Secretary of the PBoC (from March 2018 to July 2023).
Pan Gongsheng took over as the President and Party Secretary of the PBoC in July 2023 and has been in office since then. During this period, Chao Kejian became the Party Secretary and Chief of the Beijing Branch of the PBoC and the Director of the Beijing Branch of the State Administration of Foreign Exchange in February 2024, and one year later, in May 2025, he became the Party Secretary and Chairman of CFEG.
It is currently unknown whether the issues surrounding Chao Kejian are related to his tenure at the PBoC or his previous positions in Shanghai. Of note is the recent flurry of high-ranking financial executives in the Chinese Communist Party falling from grace, causing turmoil in the Shanghai political and business circles.
According to reports from the Central Commission for Discipline Inspection, Rán Hǎilíng, former Deputy Party Secretary and Chief of Chongqing Bank Co., Ltd., was investigated on June 10, 2026; Wáng Shǎojùn, former Party Secretary and Chief of China Bank Shenzhen Branch, and Chén Huìyī, former Deputy Chief of Heilongjiang Branch of Bank of Communications, were investigated on June 5, 2026; Wèi Wéi, former senior expert of China Development Bank, was investigated on June 4, 2026; and Jiǎng Zhìgāng, former Chief Business Officer of China Development Bank, was investigated on June 2, 2026.
Xīn Qiáng, former Deputy General Manager of Credit Approval Department of Bank of China, Hóng Tāo, former Deputy General Manager of China Merchants Capital Investment Co., Ltd., and Wáng Hào, Deputy General Manager of Jin Fintech Co., Ltd., were investigated on May 29, 2026. Xí Róngguì, former Deputy Chief of Guangdong Branch of China Construction Bank, was investigated on May 26, 2026; Lǐ Bǎoshēng, former senior deputy manager of Guangdong Branch of China Construction Bank, was investigated on May 22, 2026. Duàn Qìng, former Deputy Chief of Shaanxi Branch of Agricultural Bank of China, was investigated on May 20, 2026.
At the time of Chao Kejian’s issues, Deputy Mayor of Shanghai, Chén Yǔjiàn, was investigated on June 10, 2026. Chén Yǔjiàn had served in various positions, including Deputy General Manager of Shanghai Investment Advisory Company, Director of High-tech Industry Department and Fixed Asset Investment Department of Shanghai Development and Reform Commission, Deputy Chief Economist, Deputy District Chief, Deputy District Chief, District Chief, and Party Secretary of Minhang District, among others. It was reported that Chén Yǔjiàn’s investigation may be related to the explosion of the Ponzi scheme case of Liánbì Financial, one of the four major “high-yield platforms” in the P2P industry.
Editor: Gāo Jìng.