From March 25 to 27, 2026, multiple sources confirmed that the case involving prominent economist Ba Shusong is being handled by Shanghai police. Ba is suspected of economic crimes involving substantial amounts of money.
Born in August 1969 in Xinzhou, Wuhan, Hubei Province, Ba Shusong 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 Ph.D. in economics from the Central University of Finance and Economics.
Ba previously served as deputy general manager of Bank of China (Hong Kong), assistant general manager of Bank of China Hong Kong, director of the Development Strategy Committee of the Securities Association of China, and deputy director of the Financial Research Institute of the Development Research Center of the State Council. He also held positions as managing director and chief China economist at Hong Kong Exchanges and Clearing, professor at the HSBC Business School of Peking University, and executive dean of the HSBC Financial Research Institute.
His current roles include chief economist of the China Banking Association, senior advisor to the HSBC Financial Research Institute of Peking University, vice president of the China Macroeconomics Society, and chairman of the Zhang Peigang Development Economics Research Foundation. His primary research focuses on macro-financial policy, financial institution risk management, financial market regulation, and asset management industry studies.
Earlier reports indicated that around March 12, 2026, Ba was taken away by authorities and has since been out of contact.
Sources revealed that Ba's case is linked to that of Guo Yunchao, an independent director of China Guangfa Bank Co., Ltd. Guo, born in 1966, holds a bachelor's degree in applied chemistry from Lanzhou University, an MBA from Peking University, and a Ph.D. in management and engineering from Northeastern University.
Public records show that Guo previously served as deputy chief engineer at China National BlueStar (Group) Co., Ltd. and held positions including financial director of China National Chemical Corporation and chairman of China Jingu International Trust and Investment Company. From 2010 to 2012, he was chairman of Cinda Trust Co., Ltd., and from 2012 to 2016, he served as vice president of China Jianyin Investment Limited.
In 2016, Guo became CEO and legal representative of Guoxin Guotou Fund Management (Beijing) Co., Ltd., which relocated to Sanya, Hainan, in 2020 and was renamed Tuoze Huili Enterprise Management (Hainan) Co., Ltd. in 2024. The company's registered capital once reached 200 million yuan but was reduced to 10 million yuan in 2023. Guo Yunchao remains its general manager.
Guo also previously served as a director of China Hainan Rubber Industry Group Co.,Ltd. (601118.SH) and as a non-executive director of YUNKANG GROUP (02325.HK) until August 2023. He currently serves as an independent director of China Guangfa Bank.
Sources noted that Ba and Guo have known each other for many years and share a "teacher-student relationship." In 2008, they co-authored the book "Research on Frontier Issues in Offshore Finance," published by Peking University Press, and in 2010, they collaborated on an article about bond market reform and RMB internationalization.
It was further disclosed that Guo is also involved in economic crimes and has been unreachable for an extended period. Since mid-March 2026, calls to Guo's phone have gone unanswered, and calls to Tuoze Huili's office have not been picked up.
On the afternoon of March 27, 2026, Li Xiaoshui, vice president, board secretary, and risk officer of China Guangfa Bank, was contacted for comment. Li stated that the bank had not held a board meeting for some time and would respond via the board office regarding Guo's status. However, no reply had been received by 7:00 p.m. that day.
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