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Report: China names Guo Shuqing as head of new financial watchdog

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Report: China names Guo Shuqing as head of new financial watchdog

China has appointed Guo Shuqing to head the newly formed regulator overseeing the banking and insurance sectors, Reuters reported March 21, citing financial publication Caixin, which in turn did not cite a direct source.

Guo had served as chairman of the China Banking Regulatory Commission, or CBRC, for over a year, the report said.

China unveiled the merger of the CBRC and the China Insurance Regulatory Commission, or CIRC, during the week of March 12 in a move designed to enhance scrutiny of the country's financial system. The merged entity will report directly to the State Council, the main administrative arm of the Chinese government.

The role of drafting important laws and regulations has been transferred to the People's Bank of China, giving the central bank a bigger role in supervision, according to the report.

All seven incumbent vice chairmen of both the CBRC and the CIRC will remain in their posts, Caixin noted.

The chair of the CIRC has been vacant since April 2017 when Xiang Junbo was removed from the position for suspected "serious disciplinary violations." Xiang was then expelled from the ruling Communist Party, with anti-graft investigators handing his case over to judicial authorities.