James Hu, the grandson of former Chinese Communist Party General Secretary Hu Yaobang, has recently been appointed as Vice Chairman of Morgan Stanley in China, responsible for investment banking operations in the country. His sister Janice Hu was appointed as the Chief Executive Officer of Credit Suisse in China last year. The intricate relationship between the Hu family and Chinese Communist Party leader Xi Jinping has drawn attention as the CCP continues its intensive layout in the financial sector.
According to a report by Bloomberg on April 22, a memo from Morgan Stanley confirmed the appointment of James Hu. He will lead the development of investment banking business in China. Previously, Morgan Stanley did not have the position of “Vice Chairman” for the China region.
James Hu holds a doctoral degree in law from Yale University, as well as bachelor’s degrees in history and economics, and has served as an associate professor at the China-US Law Institute of China University of Political Science and Law. Since 2009, he has held executive positions in the investment banking departments of Citigroup and Bank of America Securities.
Janice Hu, the sister of James Hu, has also held long-term positions at foreign investment banks. In 2001, she joined Credit Suisse and has since held various roles including Head of Investment Banking at Credit Suisse in China, Vice Chairman of Credit Suisse in China, CEO of Credit Suisse in China, and Chairman of Credit Suisse Securities (China).
On July 11 last year, Credit Suisse announced that Janice Hu, the former Chairman of Credit Suisse Securities, had been appointed as Vice Chairman of Credit Suisse. Previously, Credit Suisse did not have the position of Vice Chairman, which was newly established for Janice Hu. In September last year, she was further appointed as the Chief Executive Officer of Credit Suisse in China.
James Hu and Janice Hu’s father is Hu Deping, the eldest son of Hu Yaobang. Hu Deping has held positions including Deputy Minister of the United Front Work Department of the CCP Central Committee.
The families of Hu Yaobang and Xi Zhongxun had close ties in the past, with Hu Deping sharing a deep friendship with Xi Jinping.
Independent commentator Cai Shenkun once revealed on social media that before Xi took office, Hu Deping had presented numerous reform proposals to him. However, Xi responded that he could only “hold the fort and couldn’t handle these major matters,” leading to a break in the relationship between the two families that had spanned decades. Later, at a conference of the magazine “Yanhuang Chunqiu,” Hu Dewen (Hu Yaobang’s third son) made a provocative speech, causing the two families to become estranged, with former esteemed guests now like strangers.
On March 31, at 2:48 pm, Hu Dewen, former Vice President of the editorial office of “Yanhuang Chunqiu” magazine, passed away at the age of 76. Hu Dewen was known for his outspokenness. It is reported that in April 2013, at a gathering of “Yanhuang Chunqiu” magazine, Hu Dewen criticized Xi Jinping, implying he didn’t read much, which angered Xi. Subsequently, an order was issued prohibiting him from “irresponsible remarks about the central authorities.”
Internal struggles within the senior ranks of the CCP have intensified. Since the Third Plenum in July last year, there have been rumors that Xi has lost power, and authority within the CCP has returned to the hands of Zhang Yuxia and the elders. Independent commentator Cai Shenkun previously disclosed that there were rumors circulating domestically that the political power within the CCP had shifted from Xi Jinping to Hu Jintao, Wen Jiabao, and Hu Deping. Hu Deping was proposed by party insiders to replace Xi in the past few years.
Apart from descendants of Hu Yaobang, many CCP elite families have taken up positions in foreign investment banks or domestic financial institutions, with recent developments in this regard frequently coming to light.
On April 18 last year, Hong Kong media revealed that Deng Xiaoping’s son Deng Zhifang’s son Deng Zhuodi had been appointed as a supervisor at CITIC Financial Holdings Limited, a subsidiary of the CCP central enterprise CITIC Group.
In a report by Caixin on January 18 last year, it was mentioned that Li Tong, the Chief Executive Officer of China International Capital Corporation, had resigned. The reason for the resignation was related to the narrowing of Li Tong’s authority after a restructuring of the management structure. 54-year-old Li Tong is the daughter of former CCP Politburo Standing Committee member Li Changchun and served at China International Capital for about 19 years. In 2011, she was promoted from Executive Director to CEO.
On November 20, 2023, Caixin reported that the head of the technology supervision department of the newly established China Banking and Insurance Regulatory Commission, Liu Chunhang, was appointed. Liu Chunhang is the husband of Wen Ruchun, the daughter of former Chinese Premier Wen Jiabao, and has worked at financial institutions such as Morgan Stanley in the past.