Born in Yizheng, Jiangsu Province, Dai graduated from the department of accounting of the Central Institute of Finance and Economics (now the Central University of Finance and Economics), majoring in financial accounting.

After graduation, he served as an accountant at the finance office of the Guishan Coal Mine in Yunnan, an official in its propaganda office, vice secretary of the CCP committee at the second industrial zone, and an official at the political department of the Coal Industrial Bureau in Yunnan.

[1] He was appointed as governor and CCP party chief of the People's Bank of China in June 1995.

In June 2001, he was additionally appointed as vice secretary of the central finance commission.

[3] On January 30, 2008, the State Council appointed Dai as the president and party chief of the National Council for Social Security Fund, in charge of the national fund of 740 billion RMB (yuan).