China has named a new securities regulator to replace Guo Shuqing, a prominent advocate of market reforms, after only 18 months in office.
The new chief of the China Securities Regulatory Commission is Xiao Gang, former chairman of the Bank of China. At an internal meeting to announce the start of his tenure on Sunday, Mr Xiao, 54, promised to maintain policy continuity, according to local media.
Mr Xiao, who also worked at the central bank for 15 years, has had a lower profile than Mr Guo, raising questions about whether he will be as forceful in trying to bring change to China’s markets. Mr Guo had made a push to eliminate insider trading, to open China’s markets to more international investors and to pare back the role of regulators.
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