Securities regulator gets new chairman

The Communist Party of China Central Committee appointed Wu Qing as Party secretary of the China Securities Regulatory Commission, replacing Yi Huiman, Xinhua News Agency reported late on Wednesday.

Meanwhile, the State Council, China's Cabinet, appointed Wu as chairman of the CSRC, replacing Yi, according to Xinhua.

Wu is the 10th chairman of the CSRC, the country's top securities watchdog, which was founded in 1992.

Wu, who was born in 1965, started working in 1989 and was appointed deputy head of Shanghai's Hongkou district in November 2010. He then worked for more than a decade in the city.

Between May 2016 and February 2022, Wu served as chairman of the Shanghai Stock Exchange, Shanghai's vice-mayor and head of the administrative committee of the Zhangjiang High-tech Industrial Development Zone.

In July 2023, he was appointed deputy Party secretary of Shanghai.

Prior to his experiences in Shanghai, Wu worked at different CSRC departments, including those overseeing financial institutions, securities companies' risk management and funds. During his previous term of office at the CSRC, Wu was known for dealing with violations by securities companies and cracking down on mutual fund companies' "rat trading" — a kind of insider trading in which fund managers use private information for personal gain.

In 2009, Wu wrote in an industry journal that the fundamental purpose of financial supervision is to protect legitimate rights and interests of customers while safeguarding the security of the financial system.

The A-share market continued to rebound on Wednesday. The benchmark Shanghai Composite Index gained 1.44 percent while the Shen-zhen Component Index spiked 2.93 percent.