In a significant move for Hong Kong's financial sector, China's top financial representative in the city, Qi Bin, is set to leave his post after slightly more than a year. This development concludes a closely watched tenure marked by ambitious proposals to revitalize the market.
A Sudden Departure and New Role
Qi Bin, 57, who began his role in November 2024, recently sent farewell messages to close contacts in Hong Kong's financial circles, signaling his imminent redeployment. According to people familiar with the matter, he is expected to become a deputy director of an economic committee under the Chinese People's Political Consultative Conference (CPPCC), the country's leading political advisory body.
His replacement will be Zhang Yong, the executive vice president of the state-owned Cosco Shipping group, as reported by the Hong Kong Economic Times. As of Monday morning local time, Qi was still officially listed as one of the five deputy directors of China's Liaison Office in Hong Kong, which is led by Director Zhou Ji.
An Assertive Teneur Aimed at Market Revival
Widely regarded as Beijing's main financial expert in Hong Kong, Qi Bin took an active and direct approach during his short tenure. He actively solicited feedback from bankers and lawyers and publicly announced detailed proposals intended to re-energize Hong Kong's financial market from its perceived low point.
However, his assertive and eloquent style reportedly ruffled feathers among some local officials. Sources indicate that even those who agreed with his ideas were concerned about a potential erosion of their own authority over the city's most critical industry.
Background of a Financial Technocrat
Qi Bin's career reflects a deep expertise in global finance. Before his political role in Hong Kong, he served as the deputy chief investment officer at China Investment Corp. (CIC), the nation's massive sovereign wealth fund. At CIC, he had a mandate to expand the fund's direct overseas investments.
His legacy includes a pivotal role in shaping the financial integration between mainland China and Hong Kong. He led the China Securities Regulatory Commission's team that negotiated the framework for the Stock Connect program before its landmark launch in 2014. This channel now facilitates substantial daily trading, averaging 221 billion yuan in Chinese stocks and HK$98 billion in Hong Kong shares.
Interestingly, Qi's academic journey started in biophysics before he shifted to finance, earning an MBA from the University of Chicago Booth School of Business. He is also known for translating three editions of the book "The Great Game: The Emergence of Wall Street as a World Power."
In a past interview, he expressed a nuanced view on markets, stating that open markets can coexist with China's planned economy, emphasizing that "there is no such thing as a completely free economy." He noted, "It's always about degrees of freedom."
The Chinese Liaison Office has not provided an immediate comment on this personnel change. The move underscores the dynamic and sometimes delicate balance Beijing seeks in managing Hong Kong's status as a global financial center while asserting its oversight.
