ICBC chief to head securities watchdog

28/1 2019 16:00

China has appointed banking veteran Yi Huiman to head the China Securities Regulatory Commission.

Yi, 54, chairman of the Industrial and Commercial Bank of China, will take over from Liu Shiyu as the CSRC's Party secretary and chairman.

Yi is an ICBC stalwart and has been working at the state bank for more than three decades. He originally joined ICBC as a junior loan officer at a branch in Zhejiang Province in 1985.

He was promoted to president or ICBC in 2013, overseeing the bank's overall operations. Three years later, he retired chairman Jiang Jianqing to take the helm of the world's largest lender of assets.

He's "pragmatic and knows how to run giant ICBC," said a Beijing-based ICBC banker who works under Yi and is familiar with his management style. He declined to be named as he is not permitted by his employer to speak to the media.

The challenge of reviving global and domestic investors is interest in Chinese equities.

In the short term, Yi will have to trade the imminent launch of a planned Nasdaq-style technology board in Shanghai, while the integration of China's capital markets into the global system will probably be at the top of its agenda.

Two projects aimed at internationalizing China's stock market, including the Shanghai-London stock connect, were delayed last year. Foreign investors still only account for 3 percent of the country's total market capitalization.

Liu, who served in CSRC's top post for three years, has been given another appointment.

The Securities Times newspaper reported on Saturday that Liu would become the deputy party chief of the All China Federation of Supply and Marketing Cooperatives, a ministerial-level government body under the State Council.

Liu took over the leadership of CSRC in 2016 following a turbulent period in the country's stock markets.