Guo Shuqing becomes head of CBRC

By Leng Cheng | March 1, 2017, Wednesday |

Online Edition

GUO Shuqing, former governor of Shandong Province, was officially named as the head of China Banking Regulatory Commission, the regulator said on its website today.

The 60-year-old banker and once chief of the country's securities regulator replaced 65-year-old Shang Fulin, who has reached the retirement age.

Guo will sit a press conference tomorrow, according to the country's cabinet information office. Market observers anticipate the conference as a manifesto of Guo's plan to deal with issues such as banks’ mounting bad debts and shadow funding practices.

Guo's appointment came in tandem with the campaign together with the central bank, the securities and insurance regulators to contain risks hidden in the regulatory "no man's land."

The regulators are drawing up new measures to curb the nation’s US$8.7 trillion of asset management products, which include investments in bonds and mounting off-balance-sheet lending by banks.

The management reshuffle is also seen as the signal of the government to shake up the country's economic team to defeat rising financial risks, The Wall Street Journal reported yesterday.

Liu Shiyu, head of China Securities Regulatory Commission, and Xiang Junbo, top of China Insurance Regulatory Commission, both held media conference with crews in Beijing last week, sending out signals of tightening up measures on market misbehaviors.

Nation

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Guo Shuqing becomes head of CBRC

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