CSRC's reforming chairman steps down
March 22, 2013 | BY
clpstaffCSRC chairman Guo Shuqing stepped down last week. It is unclear why Guo, a dynamic reformer, left and whether his successor will continue his policies
China's once-in-a-decade power transition was completed last week during the National People's Congress (NPC). The ceremony created few surprises as 3,000 deputies gathered to cast votes for Xi Jinping, who replaced Hu Jintao as president and Li Keqiang, who replaced Wen Jiabao as premier.
After the closing of the NPC, the country's top regulator, the China Securities Regulatory Commission, announced that Guo Shuqing would step down as chairman and be replaced by Xiao Gang, chairman of the Bank of China.
“Guo enacted many more regulations during his term than any of his predecessors, which helped to enhance transparency of the administration of the capital markets. He also strengthened the punishment for insider trading and issuer and intermediaries' fraudulent acts relating to the IPO application,” said Dai Guanchun, a capital markets lawyer with Jingtian & Gongcheng in Beijing.
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