File photo shows the entrance of the China Securities Regulatory Commission (CSRC) in Beijing, capital of China. (Photo:Xinhua)

Chinese securities regulator, the China Securities Regulatory Commission (CSRC), has nominated a new senior official that "knows the market well" based on his experience for more than two decades.

Wang Jianjun was appointed as a vice chairman of the CSRC, replacing Yan Qingmin, according to the appointment announced by the State Council, China's cabinet, on Monday.

Yan will officially retire, and Wang will become one of the four vice-chairmen of the CSRC. 

Wang has served as the chairman of the Shenzhen Stock Exchange since 2016, prior to which he worked in the securities regulation line. During his tenure, the Shenzhen bourse has accomplished a number of major reforms including the launch of Shenzhen-Hong Kong Stock Connect, the pilot registration system for the ChiNext board and the merger of its main board with the SME (small and medium-sized enterprises) board. At the same time, the exchange is also moving toward the goal of becoming globally competitive. 

Wang's appointment immediately influenced market sentiment as is widely viewed by industry insiders as someone who "knows the market well and can regulate the market well."

Global Times