Xiao Gang, formerly chairman of Bank of China Ltd., was appointed head of the China Securities Regulatory Commission, while his predecessor Guo Shuqing was named deputy Communist Party secretary of Shandong province.
Xiao’s photo and title of chairman of the securities regulator were posted on the CSRC’s website today. His appointment was announced at a CSRC staff meeting on March 17, according to a person who asked not to be identified because he wasn’t authorized to speak to the media. Xiao, 54, resigned from the Bank of China, the nation’s fourth-biggest listed lender, that same day.
Guo, 56, who had led the CSRC since 2011, was named deputy party secretary of the eastern Chinese province, according to a Da Zhong Daily article published on the website of the provincial government yesterday.
The announcements come after the Communist Party’s top two leaders, Xi Jinping and Li Keqiang, took their state posts of president and premier last week, completing the country’s once-a-decade leadership transition.
Under Guo, the CSRC has expanded foreign investor quotas to buy stocks, cut trading fees and pushed companies to increase dividends. The Shanghai Composite Index entered a bull market on Jan. 29 after rallying 20 percent from Dec. 3. The gauge has dropped 4.5 percent since its Feb. 6 high.