New regulatory chiefs for banking, securities and insurance appointed by China

This article was last updated on April 16, 2022

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China appointed new regulators to oversee the banking, securities and insurance industries Saturday at a time when the government is trying to dampen inflation without choking off growth amid a jittery global economy.

The announcement by the State Council, the cabinet, gave no reasons for the changes, though they are likely part of normal transfers of senior officials.

According to the notice, 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 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 glide the economy to lower growth to tamp down still-high inflation and property prices without causing a hard landing even as China’s key export markets, Europe and the U.S., look anemic.

“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 Saturday after a meeting chaired by Premier Wen Jiabao.

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