By Li Deyan, Vision Times
Recent reports suggest that prominent Chinese economist Ba Shusong, former managing director and chief China economist at the Hong Kong Exchanges and Clearing Limited (HKEX), was “taken away by authorities” for questioning.
The development comes on the heels of Zhou Liang’s official downfall, a senior financial regulator and longtime aide to former anti-corruption chief Wang Qishan, prompting speculation that Beijing’s ongoing crackdown in the financial sector may also carry political implications for China’s ruling elite.
On March 26, Chinese media outlet Tencent’s Greater Bay Area Economic Network reported that Ba Shusong had suddenly lost contact and was suspected of being under detention.
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Whereabouts unknown
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Ba’s last post on the Chinese social media platform Weibo was published at 10 a.m. on March 11, 2026. His last known public appearance took place on Oct. 22, 2025, when he attended the “China Opportunity Forum” in Shanghai in his capacity as managing director of HKEX and chief China economist.
Several sources told the Chinese financial publication Economic Observer that Ba was likely taken away around March 12 and has remained out of reach since then. According to individuals familiar with the matter, the investigation may be related to an alleged illegal fundraising case linked to one of Ba’s former students. Sources also said Ba had already been subject to travel restrictions for at least six months prior to his disappearance. In January, he participated remotely in a forum held in Macau via video address.
A financial industry insider told Economic Observer that Ba had been listed as a participating expert at an event organized by China’s banking industry on March 17 under the title of chief economist of the China Banking Association, but he ultimately did not appear at the event.
A tangled web
According to Tencent Finance, Ba also served as a doctoral advisor at a Chinese university. People familiar with his academic circles noted that he had stopped posting messages in a doctoral student group chat since mid-March, despite previously sharing information frequently.
Reports circulating online have also claimed that Ba’s wife may have also been taken away for questioning. Meanwhile, HKEX’s 2025 annual report, published in March 2026, no longer lists Ba Shusong among its management team. According to the Chinese outlet National Business Daily, Ba had already left the Hong Kong Exchange at the end of 2025, having served in a non-full-time advisory role before his departure.
Ba, born in 1969 in Wuhan’s Xinzhou district of Hubei Province, has long been a prominent figure in China’s financial policy circles. He holds a bachelor’s degree in engineering and a master’s degree in economics from Huazhong University of Science and Technology, as well as a doctorate in economics from the Central University of Finance and Economics. He has also served as a senior visiting scholar at Columbia Business School in the United States.
Throughout his career, Ba held several influential positions, including professor at Peking University’s HSBC Business School, executive director and senior advisor at the HSBC Financial Research Institute, chief economist of the China Banking Association, and managing director and chief China economist at HKEX.
Financial sector purge
Ba’s reported detention comes amid a series of investigations targeting officials in China’s financial regulatory system. On March 24, Chinese authorities officially announced that Zhou Liang, a vice minister-level official and deputy director of the National Financial Regulatory Administration, had been placed under investigation. Zhou previously served for nearly two decades as a close aide to Wang Qishan, who led China’s sweeping anti-corruption campaign after Xi Jinping came to power.
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U.S.-based political commentator Cai Shenkun wrote on the social media platform X on March 25 that Ba Shusong had actually been taken away before Zhou Liang, citing reports from Hong Kong media indicating that Ba had since gone missing.
Cai suggested that Ba’s case could be linked to the broader purge of financial officials. According to him, Ba had long been valued by Wang Qishan and had handled significant financial matters on Wang’s behalf. “Wang Qishan treated Zhou Liang like a son, and Zhou’s abilities were deeply appreciated by him,” Cai wrote, adding that Wang had reportedly pleaded with Xi Jinping on Zhou’s behalf twice but was ultimately unable to prevent Zhou’s investigation. “Xi Jinping has shown no mercy toward Wang Qishan—mainly because he fears him.”
Other observers have echoed similar speculation. On March 25, political commentator “New Highland” wrote on X that Chinese leader Xi Jinping has historically shown little tolerance for potential rival networks within the Chinese Communist Party (CCP). “Whether former allies or political contributors, once they form independent networks they become potential threats,” the commentator wrote. “Wang Qishan once helped Xi consolidate power, but because he possesses extensive information and connections, he has gradually become a target of systematic political pruning.”
According to that analysis, Zhou Liang had been one of Wang Qishan’s last key representatives within China’s financial regulatory system. His investigation, therefore, may effectively sever Wang’s remaining influence in that sector.
The successive investigations of figures linked to Wang Qishan, including Zhou Liang and the reported detention of Ba Shusong, have fueled growing speculation among analysts that political tensions within China’s financial and policy circles may be intensifying.