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Financial officials changed in major reshuffle

(China Daily)

09:47, October 31, 2011

BEIJING - New banking, securities and insurance regulators have been appointed in the biggest reshuffle of financial officials for almost a decade.

Shang Fulin, 59, former chairman of the China Securities Regulatory Commission (CSRC), replaces Liu Mingkang, 65, as chairman of the China Banking Regulatory Commission, according to the Xinhua News Agency which quoted an unidentified spokesman with the Communist Party of China (CPC) Central Committee's Organization Department as saying on Saturday.

Guo Shuqing, 55, former board chairman of the China Construction Bank (CCB) and a former head of the State Administration of Foreign Exchange (SAFE), takes over from Shang as securities regulator.

In addition, Xiang Junbo, 54, the former board chairman at the Agricultural Bank of China (ABC), replaced Wu Dingfu, 65, as chairman of the China Insurance Regulatory Commission (CIRC).

The CCB and the ABC are among the country's four largest State-owned banks.

Age was the key factor behind the reshuffle, analysts said. Both Liu and Wu have reached the compulsory retirement age of 65 for senior government officials.

Guo, a former academic known for his down-to-earth demeanor, will find his new role at the China Securities Regulatory Commission gives him with an opportunity to put his knowledge of global finance to good use for the benefit of the capital markets.

Guo has taken some crucial decisions over a three-decade career, including asking CCB shareholders last year to cough up billions to recapitalize the bank after a State-led lending binge in 2009 to prop up China's economy during the global downturn.

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