The Chinese Communist Party is strengthening efforts to place the appointment of senior bank and securities-firm executives and deliberation of important matters under Party control. While CICC’s annual report confirmed that Party Committee officials concurrently hold management positions, it did not indicate a direct causal link with the purge of Central Military Commission officials.
China is strengthening a system under which financial policy decisions and supervision are conducted under Party control. The 2023 financial institutional reform established the Central Financial Commission and the Central Financial Work Commission, setting out a policy of overseeing the containment of financial risks and support for the real economy.
According to China International Capital Corporation (CICC)’s 2025 annual report, Chairman Chen Liang (陳亮) concurrently serves as Party Committee secretary and chairman of the Executive Committee, while also serving as chairman of the board. President Wang Shuguang (王曙光) also serves concurrently as deputy Party Committee secretary, president and vice chairman of the board, and became CFO in 2026.
In 2026, senior officials of the Central Military Commission were purged in succession, and Zhang Youxia (張又侠) and Liu Zhenli (劉振立) were investigated and disciplined. The purge of military personnel and the strengthening of financial controls are often discussed in the context of the same governance approach, aimed at exercising advanced control over planning and implementation, respectively.
Regarding the impact on Japan, multiple areas, including tensions around the Taiwan Strait, economic coercion and the continuity of supplies of key materials, need to be assessed separately. At present, there is no basis for concluding that financial controls alone will have a direct impact on Japan.
When Japanese companies and financial institutions conduct payments or joint ventures with Chinese counterparties, it will be important to understand the respective powers of the Party Committee and the board from the counterparty’s articles of association and disclosures, and to consider export controls and alternative arrangements in advance.