New leaders take reins at key regulatory bodies
Source: Agencies |
October 30, 2011, Sunday
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Print Edition
Print Edition
China appointed new regulators yesterday to oversee the banking, securities and insurance industries at a time the government is trying to dampen inflation without choking off growth amid a jittery global economy.
According to the notice from the State Council, or the country's Cabinet, Shang Fulin, who has run the securities regulatory agency for nine years, will take over the banking regulatory commission.
Replacing Shang at the securities agency is Guo Shuqing, a former central bank official who resigned as chairman of China Construction Bank Corp on Friday.
Xiang Junbo, who also resigned on Friday as chief of Agricultural Bank of China Ltd, moves to the insurance commission.
The former heads of the banking and insurance commissions, Liu Mingkang and Wu Dingfu, both recently turned 65, the mandatory retirement age for senior officials.
Immediate policy changes are not expected.
But the government is grappling with a daunting environment, struggling to guide the economy and tamp down still-high inflation and property prices without causing a hard landing.
"At present, the domestic and external environments are very complex, with many new situations and new problems arising," a statement from the State Council said after a meeting chaired by Premier Wen Jiabao.
Wen ordered continuing measures to stabilize prices, especially for staples, and said policies to adjust real estate prices must be sustained.
The new banking regulator Shang has proven adept at navigating choppy financial waters, managing to introduce a raft of much-needed reforms to stock and futures markets despite investor concerns over their potential impact.
Guo, a fluent English speaker, formerly ran the central bank's State Administration of Foreign Exchange, which oversees the nation's foreign reserves, the world's largest now at more than US$3 trillion.
According to the notice from the State Council, or the country's Cabinet, Shang Fulin, who has run the securities regulatory agency for nine years, will take over the banking regulatory commission.
Replacing Shang at the securities agency is Guo Shuqing, a former central bank official who resigned as chairman of China Construction Bank Corp on Friday.
Xiang Junbo, who also resigned on Friday as chief of Agricultural Bank of China Ltd, moves to the insurance commission.
The former heads of the banking and insurance commissions, Liu Mingkang and Wu Dingfu, both recently turned 65, the mandatory retirement age for senior officials.
Immediate policy changes are not expected.
But the government is grappling with a daunting environment, struggling to guide the economy and tamp down still-high inflation and property prices without causing a hard landing.
"At present, the domestic and external environments are very complex, with many new situations and new problems arising," a statement from the State Council said after a meeting chaired by Premier Wen Jiabao.
Wen ordered continuing measures to stabilize prices, especially for staples, and said policies to adjust real estate prices must be sustained.
The new banking regulator Shang has proven adept at navigating choppy financial waters, managing to introduce a raft of much-needed reforms to stock and futures markets despite investor concerns over their potential impact.
Guo, a fluent English speaker, formerly ran the central bank's State Administration of Foreign Exchange, which oversees the nation's foreign reserves, the world's largest now at more than US$3 trillion.
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