In a decision made at the recent meeting of the National Committee of the Chinese People’s Political Consultative Conference, former governor of the People’s Bank of China, Yi Gang, will no longer serve as the Deputy Director of the Economic Committee.
On the afternoon of November 1, the 14th Standing Committee meeting of the 14th National Committee of the Chinese People’s Political Consultative Conference concluded. The meeting announced changes in positions with Zhang Junxiong no longer serving as the Deputy Director of the Proposal Committee, Yi Gang relieved of his duties as the Deputy Director of the Economic Committee, Zhang Taolin stepping down from the position of Deputy Director of the Agricultural and Rural Committee, Zhang Jie and Cao Weixing no longer holding the roles of Deputy Directors in the Education, Science, Health, and Sports Committee, Chen Guoqing not remaining as the Deputy Director of the Social and Legal Committee, Wang Rong and Chen Yuanfeng relinquishing their positions as Deputy Directors of the Committee for Hong Kong, Macao, Taiwan, and Overseas Chinese Affairs, and Sui Jun no longer being the Deputy Director of the Foreign Affairs Committee.
Furthermore, the Chinese People’s Political Consultative Conference retroactively revoked the decision to remove Yi Hui Man from the position of Deputy Director of the 14th National Committee of the Economic Committee and to revoke his membership. Yi Hui Man, who previously served as the Chairman of the China Securities Regulatory Commission, was implicated in serious violations and fell from grace.
At the age of 67, Yi Gang had a long career with the People’s Bank of China, serving as governor for many years before becoming a standing member of the National Committee of the Chinese People’s Political Consultative Conference and the President of the China Finance Association.
In July 2023, Yi Gang was relieved of his positions as governor of the People’s Bank of China and Deputy Secretary of the Central Bank. He was succeeded by Pan Gongsheng, who was the Director of the State Administration of Foreign Exchange and Secretary of the Party Group.
Yi Gang was a delegate to the 20th National Congress of the Communist Party of China, a candidate member of the 19th Central Committee, and a member of the 12th and 14th National Committees of the Chinese People’s Political Consultative Conference, as well as a standing member of the 14th National Committee and the Deputy Director of the Economic Committee. During the 19th National Congress, although he was a candidate member, he failed to ascend to become a full Central Committee member.
In December 2023, the commentator Gao Xin wrote that several informed sources familiar with Yi Gang or knowledgeable about the election process of the 19th Central Committee of the Communist Party of China revealed that Yi Gang failed to become a Central Committee member due to an article he wrote.
The article, titled “Who Will Be the Next Governor of the People’s Bank of China? Speculations on Candidates like Guo Shuqing and Xiao Gang,” was published on Sina Finance in March 2015. It revealed that the 57-year-old Yi Gang, with nearly 20 years of experience at the People’s Bank of China, had clear disadvantages, namely being only a deputy ministerial-level official at the time and not even a candidate member of the Central Committee; Yi Gang was also one of the few returnee PhD officials, which was a sensitive issue in the appointment of senior officials by the Chinese Communist Party Central Committee.
The article disclosed that the financial community was influenced by this article during the 19th National Congress, where Yi Gang was a candidate for the Central Committee but ultimately fell short due to the vote difference.
The sources also stated that the second reason for Yi Gang’s failure was his background of having a “lifetime professorship” at an American university, which caused discontent among some party delegates.
Yi Gang studied business administration at Hamilton University and economics at the University of Illinois from 1980 to 1986, earning a PhD in Economics. From 1986 to 1994, he served as an assistant professor and associate professor in the Department of Economics at Indiana University in the United States and obtained a lifetime professorship in 1992.
On September 6, 2024, Yi Gang openly acknowledged the pressure China faced from monetary tightening at a rare event held during the Shanghai Bund financial summit.
At that time, financial commentators believed that Yi Gang’s direct admission of current price declines, low consumer demand, had become a significant issue affecting China’s economic development.