Kung Fu Hustle, directed by and starring Stephen Chow, was released in China on December 23, 2004. Set in Pig Cage Alley in 1940s Shanghai, elements such as the Axe Gang and the Buddha's Palm made it one of his representative works.
Seventy-eight-year-old Jiang Zemin wrote a letter to the CCP Central Committee requesting to resign from his position as Chairman of the Central Military Commission, and subsequently the power transition was announced in the People’s Daily.
On August 31, 2004, Du Shicheng presided over a special meeting of the Qingdao Municipal Party Committee to study land for housing for Sinopec experts and employees; through the coordination of Vice Mayor Luo Yongming, a total of 1000 mu of land was secured across the Qingdao Economic Development Zone, Huangdao District, and Jiaonan City.
On July 29, 2004, Qingdao Golden Coast Hotel acquired the 75% equity stake in Taishan Real Estate held by Capital Qingdao for 325 million yuan, and Li Wei netted more than 200 million yuan.
After being released on July 19, 2004, Jiang Yanyong remained under long-term surveillance and in a state of house arrest; on March 22, 2005 he regained freedom of movement, but was told he was barred from accepting interviews and given other restrictions, and approval to go abroad was not granted.
In July 2004, Sinopec's Beijing branch and Beijing Shouchuang Petroleum Investment Co., Ltd. jointly established a joint venture with a registered capital of 1 billion yuan; the former invested 700 million yuan in the physical assets of 123 gas stations, while the latter contributed 300 million yuan and planned to build 60 new gas stations.
On June 14, 2004, Taishan Oil transferred the 75% stake it held in Taishan Real Estate to Capital Investment (Qingdao) for 123 million yuan, and the remaining 25% stake was transferred to NC International free of charge.
A group of China's top entrepreneurs established the Alxa SEE Ecological Association in Alxa. During the founding conference, they engaged in fierce discussions over organizational bylaws, election methods, and other issues, ultimately tearing up the pre-arranged list and establishing a rule-based operating model.
On June 1, 2004, Jiang Yanyong and his wife Hua Zhongwei were taken away by the authorities while on their way to the hospital; Hua Zhongwei was released two weeks later, Jiang Yanyong was released on July 19, and the authorities denied the incident.
In June 2004, the feasibility report for the Qingdao mega refinery project was approved by the State Council. The project was the first refinery in China approved with a single-phase construction capacity of 10 million tons; Li Wei used this to develop related real estate business in Qingdao.
On March 19, 2004, Guangdong courts sentenced Southern Metropolis Daily general manager Yu Huafeng to 12 years and Li Minying to 11 years in first instance for embezzlement, bribery and other crimes; editor-in-chief Cheng Yizhong was arrested the same day and released without charge about 4 months later, and the sentences of Yu and Li were later substantially reduced.
In March 2004, Chen Tonghai, then General Manager of Sinopec Group, convened a meeting of Taishan Petroleum executives to discuss the restructuring of Taishan Real Estate. Taishan Petroleum insiders claimed that the withdrawal was actually manipulated by Chen Tonghai.
On February 24, 2004, Jiang Yanyong wrote to the National People's Congress, the CPPCC, the leaders of the CCP Politburo and the State Council, calling for a reevaluation of June Fourth, 1989, and recounting what he witnessed at the 301 Hospital in treating the casualties.