In recent days, there have been frequent reports of high-ranking officials within the Chinese Communist Party falling from grace or going missing. One such figure is Guo Shuqing, the former Party Secretary of the People’s Bank of China, who was rumored to be under investigation at the beginning of August. However, on August 27th, he appeared publicly at a forum event and delivered a speech, which some speculate was meant to dispel rumors surrounding him.
According to a report by official Chinese media outlet Xinhua on August 28th, a celebration marking the 75th anniversary of Sino-Swiss diplomatic relations and the presentation of the 2025 Sino-Swiss Business Awards took place in Beijing. Attendees included Karlen, the President of the Swiss Federal Assembly, Guo Shuqing, a member of the Standing Committee of the 14th National People’s Congress and Deputy Director of the Financial and Economic Affairs Committee, as well as Zhang Zhiqiang, Chairman of the China-Switzerland Chamber of Commerce, and other political and business figures.
Despite the event, only speeches by Karlen and Zhang Zhiqiang were reported by Xinhua, with no mention of Guo Shuqing, who was originally scheduled to speak before Zhang Zhiqiang.
A report by Tencent’s “Financial Congress” on August 31st mentioned that Guo Shuqing, who had not been seen in public for a while, recently attended a forum and delivered a speech. While the event may not have been of great importance, it garnered significant attention due to Guo’s recent rumors of investigation.
During his speech, Guo Shuqing mentioned strengthening exchanges and cooperation with Swiss legislative bodies, among other topics. The speculation regarding Guo Shuqing’s investigation has been widespread in recent times.
On August 11th, overseas commentator Cai Shenkun revealed on his social media program that there were rumors circulating in financial circles about the involvement of Guo Shuqing, a close associate of Zhu Rongji and Wang Qishan.
Similarly, on the same day, Wu Guoguang, a core member of Zhao Ziyang’s think tank and former high-ranking official, commented on a platform, pointing out the oddity of simultaneous rumors surrounding Guo Shuqing and Liu Jianchao’s removal, with overseas social media focusing only on Liu’s case and leaving Guo’s situation unaddressed.
Prior to this, former Inner Mongolia official Du Wen, who previously predicted the downfall of Inner Mongolia Governor Wang Lixia, posted on a platform on September 1st, claiming that based on internal sources within the system, Guo Shuqing, the former Party Secretary of the People’s Bank of China and current Deputy Director of the National People’s Congress Financial and Economic Affairs Committee, has been confirmed to be under investigation by the Central Commission for Discipline Inspection. The outcome remains uncertain, with various rumors surrounding his case requiring careful verification and analysis. If his fall from grace is confirmed, it would be the first time a top official of the Chinese central bank has faced such consequences since the establishment of the Communist regime.
The current status of Guo Shuqing remains unconfirmed, despite the swirling allegations and speculation. Aged 69, Guo Shuqing has held various positions of influence within macroeconomic management departments such as the National Development and Reform Commission. He is known to have close relationships with figures like Wu Jinglian, Zhou Xiaochuan, Lou Jiwei, and Li Jiange. His economic ideology leans towards market-oriented and reformist approaches, being considered an important financial bureaucrat during the periods of Zhu Rongji and Wang Qishan.
Guo Shuqing’s past roles have included positions as Vice Governor of Guizhou Province, Deputy Governor and Party Committee member of the People’s Bank of China, Director and Party Secretary of the State Administration of Foreign Exchange, Chairman and Party Secretary of the Construction Bank, Chairman and Party Secretary of the China Securities Regulatory Commission, Vice Secretary of the Shandong Provincial Party Committee, Governor, and Party Secretary, among others. In March 2018, Guo Shuqing took on the roles of Chairman and Party Secretary of the China Banking and Insurance Regulatory Commission, Party Secretary of the People’s Bank of China, and Vice Governor. In July 2023, he was appointed as a member of the Standing Committee of the 14th National People’s Congress and Deputy Director of the Financial and Economic Affairs Committee.