Source: Bloomberg
Author: Chongjing Li
China suddenly appointed a 58 -year -old marketing senior, Wu Qing, the 58 -year -old marketing senior one day before the market was closed during the Spring Festival holiday.
The following describes the new chairman of the China Securities Regulatory Commission, as well as the cause and consequences of this coach.
1. Why is Wu Qing called "Broker"
Wu Qing was titled "Broker Butcher" during his previous time in the China Securities Regulatory Commission.Since he served as the director of the Risk Disposal Office of the CSRC in 2005, he has dispatched a total of 31 illegal securities companies in the Risk Office for a few years, accounting for about a quarter of the total number of securities companies at that time.In 2009, after Wu Qing was transferred to the director of the Fund Department of the CSRC, he led the fund "mouse warehouse".
2. Past resume
Wu Qing has many years of political and financial experience, and has led the Shanghai Stock Exchange for nearly two years.Prior to the New Securities Regulatory Commission, he served as Deputy Secretary of the Shanghai Municipal Party Committee and Secretary of the Political and Legal Committee.His duties during his tenure in Shanghai include supervision of Shanghai's financial industry and taxation and the development of the Shanghai Free Trade Zone.
When the Premier Li Qiang of the State Council of China served as Secretary of the Shanghai Municipal Party Committee, Wu Qing had worked with him.Last year, Wu Qing was rumored to replace Yi Yiman, the chairman of the China Securities Regulatory Commission before being promoted to the deputy secretary of the Shanghai Municipal Party Committee.
3. Dressing the heavy task
After the Chinese government strives to boost the economy of crown disease, Chinese President Xi Jinping will prevent and resolve major financial risks as "primary campaigns".This made Wu Qing face a difficult task: the Chinese stock market has fallen for the fourth consecutive year, and its market value has evaporated at $ 5 trillion.China is still trying to curb the real estate crisis, shrinking pressure, and increasing geopolitical tensions.
When the economic and political situation is not good, Wall Street Bank has been shrinking its domestic business.In Wu Qingxin's taskbar, he also needs to help attract foreign financial companies into China.
4. Low -key technology faction
A person familiar with the matter revealed that Wu Qing was a low -key technical official and tolerated the improper behavior.He sometimes joked that he is more suitable as a surgeon.Wu Qing has a PhD in economics from Renmin University of China. He has worked in Shanghai, a financial capital of Mainland China. He has always advocated financial openness and digitalization.
5. The Influence of the CSRC
The coach of the CSRC has triggered a slight rise in China's stock market.The benchmark CSI 300 index rose 0.7%on Thursday, and then narrowed the increase.The first few times in China appointed the CSRC's chairman has successfully boosted the stock market.After Liu Shiyu replaced Xiao Gang in 2016, the CSI 300 Index rose by more than 40%in the past two years.
6. Other measures to reverse the market decline in China
The government has launched a series of measures to boost the market.The regulatory authorities have recently set up an upper limit on cross -border income swaps between some brokerage and customers, limiting the channels for mainland investors to short Hong Kong stocks.
In addition, the market rescue measures also include the government's consideration of setting up a stock market Pingzandi Fund with a scale of about 2 trillion yuan, the sudden reduction in the central bank, and the continued guidance of institutional investors to increase their efforts to enter the market.Whether these measures are enough to be observed.
