HONG KONG: China’s top financial envoy in Hong Kong is set to leave after just over a year in the role, concluding a tenure closely watched by the sector, say sources.
Qi Bin, 57, sent farewell messages to close contacts in Hong Kong’s financial circle about his imminent redeployment.
He is expected to become a deputy director of an economic committee under the Chinese people’s political consultative conference, the country’s leading political advisory organisation, according to a South China Morning Post report citing unidentified people.
As of yesterday morning, Qi was still listed as one of the five deputy directors of China’s liaison office in Hong Kong under director Zhou Ji.
Zhang Yong, executive vice-president of Cosco Shipping, is replacing Qi as deputy director of the Hong Kong liaison office, the Hong Kong Economic Times reported.
The Chinese liaison office didn’t immediately respond to requests for comment.
Qi is leaving the role after slightly over one year since starting in November 2024.
Widely seen as Beijing’s main financial expert in Hong Kong, he actively solicited comments from bankers and lawyers at large, as well as announced his detailed proposals to re-energise Hong Kong’s market from its bottom.
His assertive and eloquent style ruffled feathers among some local officials. Even those who agreed with Qi’s ideas worried they were losing authority over the city’s most important industry.
Before taking the political role at the liaison office, Qi was the deputy chief investment officer of China Investment Corp, the nation’s sovereign wealth fund. He had a mandate to expand the US$3.6 trillion fund’s direct investments overseas. —Bloomberg
