On November 13, reports from Reuters indicate that Wu Qing, the chairman of the China Securities Regulatory Commission (CSRC), has submitted an application to resign due to health reasons. This unexpected decision marks a sudden departure for the regulatory leader who took office in 2024 during a critical time for China’s capital markets.
Insiders, who spoke on the condition of anonymity due to the sensitive nature of the situation, mentioned that Wu, who assumed his role amid a downturn in the stock market, had informed relevant authorities of his intent to step down. However, it remains unclear whether his resignation has been formally approved or when he will officially leave his position, which is considered one of the most important regulatory roles in the world’s second-largest economy. Neither Wu nor the CSRC or the State Council’s press office responded to requests for comments.
Wu gained notoriety during his earlier regulatory career for cracking down on securities companies, earning him the label of “the butcher of brokerages.” He became chairman at a time when the Chinese stock market had dropped to its lowest levels in five years, following the unexpected dismissal of his predecessor, Yi Huiman, earlier in 2024 due to alleged severe violations.
At 60 years old, Wu is known for his signature buzz-cut hairstyle, and has had a long tenure within the CSRC system. He previously served as the deputy secretary of the Shanghai Municipal Committee and Chairman of the Shanghai Stock Exchange. Wu holds a Ph.D. in finance from Renmin University of China and joined the Central Committee of the Communist Party in October 2022.
During his time in office, Wu and the regulatory body swiftly implemented a range of market support measures designed to boost investor confidence. Following these interventions, there was a gradual resurgence in buying activity among global investors in both the Chinese A-share and Hong Kong markets.
Wu’s proposed resignation further underscores the dynamic nature of regulatory leadership in China, especially as the country navigates its post-pandemic economic recovery and works to stabilize its financial markets. It reflects both the challenges faced by regulators in maintaining market confidence and the health considerations that can abruptly alter leadership within such key positions.