Key facts
- Tan Jiong has been appointed the new Communist Party chief of PICC.
- This appointment is expected to lead to Tan Jiong becoming the chairman of PICC.
- The position was vacant for nearly two months.
- The previous Party chief, Ding Xiangqun, moved to lead the National Financial Regulatory Administration.
- Ding Xiangqun previously served as chairperson of PICC.
Veteran banker Tan Jiong has been appointed the new Communist Party chief of the People's Insurance Co. (Group) of China Ltd. (PICC). This move signals his likely ascension to the chairmanship of the state-owned insurance conglomerate.
The leadership vacancy at PICC has persisted for nearly two months, following the departure of Ding Xiangqun. Ding Xiangqun has taken on a new role as the Communist Party committee chief of the National Financial Regulatory Administration (NFRA), a position traditionally held by the director of the top regulatory body.
Ding Xiangqun, 61, previously served as the chairperson of PICC. Her career includes a two-decade tenure at the Bank of China, and she has also worked at China Taiping Insurance Group and China Development Bank. In July 2024, she became the first woman from the financial sector to be elevated to the Central Committee of the Communist Party of China.
The NFRA oversees a vast financial sector in China, valued at $79 trillion, encompassing banks, insurers, and trust firms. Beijing is undertaking a significant cleanup of its financial sector, targeting corruption and consolidating supervisory control, with several high-ranking officials recently investigated or removed.