Replacement of Chinese regulators only half complete
A round of new head regulators appointments in Beijing is leading up to the appointment of a new central bank governor next year. October 31, 2011 | Peter HoflichKicking off a season of leadership rotation that is expected to last for the next 18 months as China appoints new leaders all the way up to president Hu Jintao and premier Wen Jiabao, announcements came over the weekend of the retirement of the head of the China Banking Regulatory Commission (CBRC), founding chairman Liu Mingkang, as well as China Insurance Regulatory Commission (CIRC) chairman Wu Dingfu. Liu will be replaced by current China Securities Regulatory Commission (CSRC) chairman Shang Fulin and Wu will be replaced by Agricultural Bank of China (ABC) chairman Xiang Junbo, while the new CSRC head will be China Construction Bank (CCB) chairman Guo Shuqing. Replacements for the top jobs at CCB and ABC have not been announced yet. Both Liu and Wu are 65, mandatory retirement age in China for government officials, while their replacements Shang and Guo are 5 and 10 years younger respectively. Xiang is 54 years old. Shang was the founding chairman of the CSRC, taking the role in 2002 a year before the man he is replacing at the CBRC, but has also been a chairman of ABC like Xiang, and also a deputy governor of the People’s Bank of China. His long experience running a regulatory commission will be needed, as he has big shoes to fill: Liu has used his nine years running the CBRC to establish a financial regulator that is now highly respected globally, while also watching over the institutions key to China’s remarkable growth (some would say the fulfilment of its destiny as a global economic leader). Shang will need to be on his toes, however, as NPLs are expected to swell at banks in coming months as new lending slows and problems in the surge of lending the banks were asked to engage in from 2008-2010 start to be felt. Shang’s experience overseeing the securities industry will also help him manage the impact bad news will have on slumping bank stocks on the keenly sensitive Chinese markets. Guo Shuqing, a wily leader who led his bank thro... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: China, Regulation, Risk and RegulationChina,riskregulation,Risk and Regulation, China,Regulation,Risk and Regulation, Keywords:China Banking Regulatory Commission, China Construction Bank, China Insurance Regulatory Commission, China Securities Regulatory Commission, Agricultural Bank Of China, Guo Shuqing, Xiang Junbo, Shang Fulin China Banking Regulatory Commission, China Construction Bank, China Insurance Regulatory Commission, China Securities Regulatory Commission, Agricultural Bank of China, Guo Shuqing, Xiang Junbo, Shang Fulin
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