(Bloomberg) -- China has appointed a new official as deputy chief at its markets regulator to replace Fang Xinghai, a long-time advocate for reform and open capital markets.
The State Council, China’s cabinet, named Li Ming as deputy head of the China Securities Regulatory Commission, the markets regulator said in a statement late Tuesday. Fang Xinghai will be removed from his post as CSRC deputy as well as his role on its party committee, it said, without further explanation.
In May Fang turned 60, the typical retirement age for vice-ministerial level officials. The CSRC currently has four deputy chiefs listed on its website.
Fang, who was in charge of the regulator’s international department, is well-known to global investors. He joined the CSRC in 2015 as vice chairman after a meltdown in the world’s second-largest stock market, and had been leading meetings with global institutions on investing in China. During his tenure, China signed a breakthrough audit cooperation agreement with the US, ending a two-decade long standoff that threatened Chinese firms on US exchanges with delisting.
A Stanford University graduate with a doctorate in economics, Fang spent his early career at the World Bank and later held various roles at institutions including China Construction Bank Corp. and the Shanghai Stock Exchange.
The new deputy chief Li, 55, was in charge of the CSRC’s law enforcement department. He’s held various other roles at the regulator, including head of the listing division as well as chief of the CSRC’s Jiangsu branch.
Li pledged earlier this year to crack down on market manipulation and insider trading to protect investors.
--With assistance from Jing Li.
©2024 Bloomberg L.P.
