Liu He, a vice premier who has always been regarded as a close friend of Xi Jinping, was exposed by the foreign media on May 19 for his son Liu Natural’s involvement in a secret deal with “Tian Yi Zi Teng” to make profits. On the 21st, Liu He appeared to chair a meeting of the State Council Financial Stability Development Committee to deploy financial anti-corruption measures. This is the second time he appeared in the middle of this month after he was caught in unfavorable rumors.
According to the Chinese government website on May 21, the meeting studied and deployed the next phase of key work in the financial sector, including the so-called “further service to the real economy, prevention and control of financial risks, as well as continue to deepen reform and opening up” and so on. The meeting was chaired by Liu He, member of the Political Bureau of the CPC Central Committee, Vice Premier of the CPC State Council and Director of the Finance Committee.
And in the prevention and control of financial risks, the meeting mentioned strengthening the supervision of financial activities of platform enterprises, cracking down on bitcoin mining and trading, and resolutely preventing the transmission of individual risks to the social sector. As well as to crack down on securities violations and severely punish financial illegal and criminal activities, etc.
Since the 18th National Congress of the Communist Party of China, the authorities’ financial anti-corruption has toppled a number of corporate executives and senior government officials, including Xiang Junbo, former chairman of the former China Insurance Regulatory Commission, Yao Gang, former vice chairman of the China Securities Regulatory Commission, Zhang Yujun, former assistant chairman of the China Securities Regulatory Commission, and Yang Jiacai, former party committee member and assistant chairman of the China Banking Regulatory Commission.
However, it is Liu He himself who is of concern at this meeting.
For several days from May 12, Xi Jinping appeared in Nanyang, Henan Province, accompanied by senior officials less Liu He and more Hu Chunhua. During the same period, the Wall Street Journal quoted news that Beijing intended to replace the head of U.S.-China trade negotiations, with Hu Chunhua taking over Liu He’s special envoy position.
On May 15, Liu He, who was in the center of public opinion, appeared to preside over a conference on science and technology innovation.
Later, the Financial Times reported on May 19 that Liu He’s son, Liu Tianran, had resigned as chairman of the investment company he founded, Tian Yi ZiTeng, in accordance with the Chinese Communist Party’s regulations, but still made secret deals and invested heavily in science and technology giants Tencent and Jingdong.
Since Tencent, Jingdong and other Chinese science and technology giants are caught in the whirlpool of China’s “anti-monopoly investigation” and the 20th National Congress of the Communist Party of China will be held next year, the Financial Times disclosed “black materials” about Liu He’s family at this point in time, which has aroused the outside world’s suspicion.
Some believe that Liu He is a close friend of Xi Jinping and may be a political enemy of Xi’s camp who deliberately released the black material.
However, some people point out that Xi Jinping and Liu He are already at odds with each other.
A public number on NetEase posted an old article by Liu He from 13 years ago, originally titled “Thirty Years of China’s Economy and Long-term Problems for the Future”, and the new title is “Without the reflection on the disaster of the Cultural Revolution, it would be impossible to have China’s economic growth today. The new title is “Without the reflection on the disaster of the Cultural Revolution, China’s economic growth would not have been possible today”. The article summarizes six reasons for China’s high economic growth over the previous 30 years.
Xi Jinping recently led the launch of a new version of the Communist Party’s history, in which the sins of the Cultural Revolution and Mao Zedong were downplayed. Outside commentators have suggested that Liu He’s article exposes the divide with Xi.
However, now Liu He is appearing for the second time in a series of negative rumors, which outsiders believe may have the intention of dispelling the rumors.
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