Some analysts believe that Yi Huiman's appointment as chairman of the China Securities Regulatory Commission reflects a grassroots counterattack.(Reuters)
Chinese state media announced today (26th) that Yi Huiman will replace Liu Shiyu and become the new chairman of the China Securities Regulatory Commission.
According to Xinhua News Agency, the Central Committee of the Communist Party of China recently decided to appoint Yi Huiman as Secretary of the Party Committee of the China Securities Regulatory Commission and remove Liu Shiyu from his position as Secretary of the Party Committee of the China Securities Regulatory Commission.The State Council decided to appoint Yi Huiman as chairman of the China Securities Regulatory Commission and remove Liu Shiyu from his position as chairman of the China Securities Regulatory Commission.Liu Shiyu has another appointment.
According to the Securities Times, on the afternoon of January 26, after Liu Shiyu resigned as chairman of the China Securities Regulatory Commission, he went to the All-China Federation of Supply and Marketing Cooperatives to serve as deputy secretary of the party group and director of the board of directors. Yi Huiman, former chairman of the Industrial and Commercial Bank of China, succeeds Liu Shiyu as chairman of the China Securities Regulatory Commission
The Central Committee of the Communist Party of China and the State Council of China announced yesterday the appointment of Yi Huiman, former chairman of the Industrial and Commercial Bank of China, as party secretary and chairman of the China Securities Regulatory Commission, and Liu Shiyu, former party secretary and chairman of the China Securities Regulatory Commission, as deputy secretary of the party group of the All-China Federation of Supply and Marketing Cooperatives..
According to the Securities Times, Liu Shiyu will also serve as director of the Board of Directors of the All-China Federation of Supply and Marketing Cooperatives.Bloomberg quoted people familiar with the matter as saying that Zhu Hexin, deputy governor of the People's Bank of China, will succeed Yi Huiman as chairman of the Industrial and Commercial Bank of China.
Yi Huiman, 54, joined the Industrial and Commercial Bank of China in 1985 and has served as president of branches in many places. He has been chairman of the board since June 2016.Under his leadership, ICBC has enjoyed impressive performance growth in recent years. In 2017, its net profit reached 286 billion yuan (RMB, the same below, S$57.3 billion), a year-on-year increase of 2.8%, the largest in the past three years.The cumulative net profit in the first three quarters of 2018 was 239.6 billion yuan, a year-on-year increase of more than 5%.
Some analysts believe that Yi Huiman's appointment as chairman of the China Securities Regulatory Commission reflects a grassroots counterattack.Yi Huiman's first education was a technical secondary school, and he graduated from Zhejiang Bank School (now upgraded to Zhejiang Finance Vocational College) majoring in urban finance in the 1980s.The work experience is also relatively limited. I have been working at ICBC for 34 years and do not have much experience outside the banking industry.However, Yi Huiman's ability is highly recognized. When ICBC released its e-ICBC strategy in 2015, Yi Huiman explained ICBC's Internet financial product line without any script. He was praised as having the style of Steve Jobs, breaking the outside world's perception that China's large state-owned banks are old-fashioned and conservative.Impression, aroused widespread attention for a while.
With the Chinese economy facing downward pressure and the uncertain prospects of Sino-US trade friction, the new chairman of the China Securities Regulatory Commission, Yi Huiman, will face huge challenges.
Analysts believe that the China Securities Regulatory Commission under the leadership of Yi Huiman may face three major challenges in 2019, namely the establishment of a science and technology innovation board and a pilot registration system, attracting long-term funds into the market, and increasing transaction activity.
Liu Shiyu established a strong regulatory image
Liu Shiyu has been chairman of the China Securities Regulatory Commission since 2016 and was tasked with restoring investor confidence after the 2015 stock market crash.In the three years since Liu Shiyu took charge, he has also successfully established an image of strong supervision.
A-shares under the helm of Liu Shiyu experienced a slow bull market in 2016 and 2017, but retreated steadily in 2018 and became one of the worst-performing stock markets in the world.Looking back at the performance of the stock market throughout his tenure, the Shanghai Stock Exchange Index was 2,860 points before Liu Shiyu took office. Based on the closing price of 2,591 points on January 24, in the past three years, the Shanghai Stock Exchange Index fell by 269 points, a decrease of 9.4%. The total market value of the Shanghai stock market exceeded 28Trillion yuan.
Data show that the All-China Federation of Supply and Marketing Cooperatives, where Liu Shiyu took up his new post, is a joint organization of supply and marketing cooperatives across the country, led by the State Council of China. Its main responsibilities include: organizing, coordinating and managing the operation of important agricultural production materials and agricultural and sideline products according to authorization, and guiding all parties.Level supply and marketing cooperatives undertake public welfare services and other tasks entrusted by the government.At present, the All-China Federation of Supply and Marketing Cooperatives has 14 internal agencies on the Board of Directors and 1 internal agency on the Board of Supervisors. It has 15 directly affiliated institutions, 15 supervising societies and the China Supply and Marketing Group. In 2018, the entire system achieved a total sales of 5.9 trillion.RMB 46.8 billion in profit.
