Friday, April 27, 2018

Guo Shuqing named head of China’s merged regulator

Guo Shuqing has been appointed to head the newly formed regulator for China’s banking and insurance sectors, according to a report published by financial newspaper Caixin.

Guo was previously head of the China Banking Regulatory Commission, which has now been merged with the China Insurance Regulatory Commission in a bid to streamline and strengthen regulation of the financial sector in a move approved by the Chinese parliament last week.

At 61, Guo is among China’s most experienced financial services executives. He also has the reputation of being a reform-oriented policymaker who is bold and willing to take aggressive measures.

According to a document released during the annual parliament meeting recently, the merger of CBRC and CIRC aims to address existing problems such as unclear responsibilities and cross-regulation.

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