China Securities Regulatory Commission (CSRC) in Beijing Photo:VCG

The China Securities Regulatory Commission (CSRC) said on Tuesday that Li Ming, who has deep experience in law enforcement at the regulator, has been appointed to vice chairman of the CSRC, in the latest personnel change at the top stock regulator. 

In the notice, the CSRC said that Fang Xinghai is stepping down as vice chairman of the regulator. Fang has been vice chairman of the CSRC since 2015, and is retiring, according to news website jiemian.com on Tuesday.

Before his appointment to vice chairman, Li was the chief inspector and director of the inspection bureau of the CSRC, and he was also head of the CSRC’s branch in East China’s Jiangsu Province. 

As chief inspector at the CSRC, Li stressed the need to crack down on illegal activities in the securities market. During a press conference in February, he said that for a market to be prosperous, the most important thing is that everyone believes that the market is fair and just. He vowed to strictly deal with every securities violation case in accordance with the law. 

“We will take multiple measures to further intensify the crackdown on illegal activities such as fraudulent issuances, financial fraud and illegal occupation by major shareholders of listed companies,” Li said at the press conference in February. 

Li’s appointment marked the second major change at the leadership of the top stock regulator. In February, Wu Qing was appointed as the chairman of the CSRC. Wu, who has been dubbed "the terminator of problematic brokers," has deep expertise in market regulation, specifically in tackling risks. 

The personnel change comes as China is moving swiftly to stabilize the capital market and promote high-quality development. In April, the State Council released a sweeping guideline, only the third of its kind, to strengthen regulation, tackle risks and promote the high-quality development of the capital market, as the country moves to build itself into a global financial powerhouse.

Global Times