【Epoch Times, June 21, 2025】The 2025 Lujiazui Forum opened in Shanghai on June 18. Hu Haifeng, the Vice Minister of the Ministry of Civil Affairs at the deputy ministerial level, and a group of officials above the ministerial level made a high-profile appearance to unveil the China Capital Market Association, which was considered unusual. Analysts believe this may be in response to rumors regarding Xi Jinping losing power and the resurgence of factionalism.
On June 18, the official website of the China Securities Regulatory Commission released a report on the Lujiazui Forum, showing that at the forum’s opening ceremony, Chen Jineng, a member of the Political Bureau of the CPC Central Committee and Secretary of the Shanghai Municipal Party Committee, Wang Jiang, the Deputy Director in charge of daily work at the Central Financial Office, Wu Qing, Chairman of the China Securities Regulatory Commission, Gong Zheng, Mayor of Shanghai, Hu Haifeng, Deputy Minister of the Ministry of Civil Affairs, jointly unveiled the China Capital Market Association.
Among these officials, aside from Chen Jineng who is at the vice-national level, Wang Jiang, Wu Qing, Gong Zheng are all at the ministerial level, with only Hu Haifeng at the deputy ministerial level, and the position in the Ministry of Civil Affairs has always been considered a nominal post.
Jiang Weiping, former head of the Northeast Bureau of Hong Kong’s “Wen Wei Po,” pointed out that the information revealed in this report sends a political signal that Xi Jinping’s power has diminished.
Jiang Weiping described the report on June 19 in a self-media program as astonishing, saying, “The important information is hidden in a small section of the article.” He said that during this time, everyone was discussing who is really in control of the power in Zhongnanhai, and this article has already indicated that the real power is held by political elders such as Hu Jintao, Wen Jiabao, and Chi Haotian.
Jiang Weiping said that the CCP’s meetings are very particular, about who cuts the ribbon, who stands in front, whose name is listed first, second, third, and fourth in reports are all carefully considered.
He said, “Having worked in official media for 20 years, I understand this the best, as you have to praise people in your articles. If unimportant figures are placed at the forefront and the important ones at the back, you’re in for trouble, with lighter repercussions being demotion and investigation, and heavier ones being imprisonment.”
He pointed out that it is only natural for Chen Jineng to cut the ribbon, as he is the Secretary of the Shanghai Municipal Party Committee. “Hu Haifeng is just a deputy minister in the Ministry of Civil Affairs, but he participated in the unveiling because he is the son of Hu Jintao.”
Jiang Weiping believes that if Hu Jintao and Wen Jiabao say something, how could Chen Jineng possibly pass this unveiling to let Hu Haifeng show up?
He said, “It’s already been exposed, Xi Jinping’s power has definitely diminished, the analysis of overseas media is correct. It’s just that Xi Jinping doesn’t want to step down and is holding on. The struggle between the elderly party members and Xi Jinping is intensifying, and the Fourth Plenum will be the turning point. This meeting will save the economy, bring out the strongest lineup, and clean up Xi Jinping’s mess.”
The report in the Shanghai official media “Liberation Daily” also included a group photo and names of the officials participating in the unveiling. However, Xinhua News Agency did not publish photos of the unveiling officials or their names.
Political commentator Li Linyi told Epoch Times that the unveiling ceremony should have been attended by the heads of departments. Shanghai mobilized its first and second in command. The China Securities Regulatory Commission mobilized its leader. The Ministry of Civil Affairs is the department that handles the registration of the China Capital Market Association as a routine matter. It is only named as a co-organizer of the unveiling ceremony, and there is no reason to send a deputy minister to attend the event, especially since Hu Haifeng ranks second among deputy ministers in the Ministry of Civil Affairs. It’s possible that someone wanted to highlight him especially on this occasion, which goes against the Party’s rules.
Li Linyi also said that when the CCP central media reports on activities, they generally omit the names of officials at the ministerial level and below. This time, Xinhua News Agency simply omitted relevant content, which may have caused some discontent. However, the China Securities Regulatory Commission and Shanghai media listed the names of officials at the deputy ministerial level and above. It’s a bit glaring to see Hu Haifeng alongside those at the ministerial and vice-national levels. However, the issue is not about the reporting but about who arranged for Hu Haifeng to participate and what it signifies.
Epoch Times recently learned from authoritative sources that while Xi Jinping appears to still be in power, the tide has turned. Former Premier Wen Jiabao, current Vice Chairman of the Central Military Commission Zhang Youxia, and others have become key factors influencing China’s political landscape.
Previously in May, the CCP official media reported on Xi Jinping’s requirements for the “five-year planning formulation for the future,” emphasizing the need to adhere to so-called “scientific decision-making, democratic decision-making, and decision-making based on law.” This slogan was a trademark phrase of former Party leader Hu Jintao, which had largely disappeared since Xi took office, but now it has resurfaced, attracting attention. Some experts also believe that this is another indication of Xi’s diminishing power.
An article by Nakazawa Katsuhata in “Nikkei Asia” on May 29 pointed out that adhering to “scientific decision-making, democratic decision-making, and decision-making based on law” was included in Hu Jintao’s “farewell address” during the last Party Congress he presided over as CCP leader in 2012. Hu Jintao’s “farewell address” conflicts with Xi’s assertive leadership style. Has there been a change in the political landscape within the Party? Nearly 15 years have passed, has there been some kind of change in the Party’s power structure? This indicates that the CCP’s politics will face a critical moment in determining its future direction in 2025.
At the closing ceremony of the 20th National Congress of the CCP held on October 22, 2022, Hu Jintao was forcibly removed from the venue in full view, sparking widespread discussions. On January 16, 2024, there were multiple rumors of promotion failures for Hu Haifeng, former Party Secretary of Lishui City, Zhejiang, but he was appointed as the Deputy Minister of the Ministry of Civil Affairs.