After President Xi Jinping announced the largest bureaucratic overhaul in decades, China appointed a little-known local government official as the top regulator of the $61 trillion financial sector. | ManilaBulletin
Li Yunze, a former banker, was named party secretary of the newly formed national financial supervision and management bureau that regulates thousands of banks, insurers and trust firms, according to an announcement Wednesday.
His appointment may come as a surprise to market watchers, who had expected candidates with more seniority and expertise to help tackle financial risks at a time when Beijing is striving to shore up the world’s second-largest economy. Analysts had expected a larger reshuffle at that time with officials with international experience to be replaced by men with closer personal ties to Xi but less familiar to global investors.
The regulator – with a focus on beefing up oversight of financial institutions and cracking down on violations – kicks off its work as an anti-graft campaign in the finance industry gathers steam. He most recently served as a senior executive vice president of Industrial & Commercial Bank of China Ltd. during 2016-2018.
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