Reshuffle of Officials in Shanghai State-Owned Financial System Points to CCP’s Purge of Regional Power

Shanghai’s officialdom is in turmoil.

Paramilitary policemen stand guard at the entrance of the World Expo near China Pavilion in Shanghai, China, on April 19, 2010. Feng Li/Getty Images

The Chinese Communist Party (CCP) has employed a revamp of Shanghai’s state-owned financial system, with a cluster of senior officials and executives being investigated or removed.

Some analysts believe that this indicates the Shanghai Gang, former CCP leader Jiang Zemin’s fraction that held the megacity as its main bastion, is being cut off from the economic veins of the rest of the party.