New regulator is also the PBOC Party chief

Updated 2018-03-27 09:49:04 China Daily

Guo Shuqing, head of the newly established China banking and insurance regulatory commission, was appointed Party secretary and vice-governor of the central bank on Monday, according to an announcement published on the People's Bank of China website.

Guo, 61, former chairman of the China Banking Regulatory Commission, became Party secretary as well as chairman last week of the new banking and insurance regulatory commission, which combines the role of CBRC and the China Insurance Regulatory Commission.

Yi Gang, 60, the newly elected central bank governor, was also appointed the Party's deputy chief of the central bank.

Experts said former governors of the central bank also have held the title of Party chief, but the unusual arrangement will improve coordination between regulators of different sectors.

Experts said the PBOC leadership adjustment could be in line with the country's newly restructured financial regulatory framework, on top of which is the cabinet-level financial stability and development committee established in November.

It coordinates with the PBOC and two specialized supervision bodies-the newly merged banking and insurance regulatory commission, and the China Securities Regulatory Commission.

As part of the State institutional reform plan approved by the first session of the 13th National People's Congress last week, the new watchdog for banking and insurance will be directly led by the State Council, China's Cabinet, which aims to strengthen regulation and prevent systemic financial risks, experts have said.

Under the reform plan, functions and duties, including drafting key financial regulations and supervision of the basic financial system, will belong to the PBOC.

Ming Ming, an analyst with CITIC Securities, said Guo's appointment is expected to solve existing problems with the goal of forestalling and defusing major risks.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58January 18 2019 19:12:58

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16January 18 2019 19:12:58

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18January 18 2019 19:12:58

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

China World Business Sports Showbiz Audio
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
China World Fun Travel Entertainment Sports
Beijing Shanghai Guangzhou
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords