Shang Fulin, former chairman of China Securities Regulatory Commission (CSRC), has been appointed as chairman of China Banking Regulatory Commission, according to a spokesman with the Communist Party of China (CPC) Central Committee’s Organization Department on Saturday.

Guo Shuqing, former board chairman of the China Construction Bank (CCB) and a former head of the State Administration of Foreign Exchange, has replaced Shang as chairman of CSRC.

In addition, Xiang Junbo, former board chairman of the Agricultural Bank of China (ABC), has been appointed as chairman of China Insurance Regulatory Commission.

Both the CCB and the ABC are China’s leading state-owned banks.

According to the spokesman, the new top regulators have also been appointed as secretary of the CPC committee of those agencies they are going to serve.
 

Source:cnbusinessnews.