According to informed sources, China Securities Regulatory Commission Chairman Wu Qing, who took office just last year, has expressed his intention to resign due to health reasons. This surprising development has been reported by Reuters, marking an unexpected shift in leadership.
Wu Qing, who is 60 years old, has had a long career within the regulatory body, previously serving in various roles such as Director of the Supervision Division, Director of the Risk Management Office, and Head of the Fund Regulation Department. After leaving the Commission in 2010, he took up positions in Shanghai, including Deputy Secretary and then Secretary of the Hongkou District Committee, as well as Deputy Mayor of Shanghai.
In May 2016, Wu returned to the securities regulatory system as Chairman of the Shanghai Stock Exchange, achieving the rank of a vice-ministerial official. By the end of 2017, he became a member of the Shanghai Municipal Government’s Party Leadership Group, and in January of the following year, he was appointed Vice Mayor of Shanghai. Wu was elevated to a Standing Committee member of the Shanghai Municipal Committee in 2019 and took on the role of Deputy Secretary of the Shanghai Municipal Party Committee and Secretary of the Political and Legal Committee last July.
Wu took the helm of the China Securities Regulatory Commission in February 2024 during a challenging period for China’s stock market, which was experiencing its lowest point in five years. Since assuming office, he has introduced a series of market intervention and support measures aimed at improving liquidity and governance, successfully reversing negative investor sentiments and encouraging international investors to reinvest in Chinese stocks listed both onshore and in Hong Kong.
The leadership transition follows the unexpected dismissal of Wu’s predecessor, Yi Huiman, in February of last year, with no official explanation provided at that time. Recently, it was announced that Yi is under investigation for serious disciplinary violations.
This recent change in leadership reflects the ongoing challenges faced by China’s financial regulatory framework and the importance of adept management in revitalizing investor confidence in the country’s markets.