BEIJING, CHINA – NOVEMBER 13: Illuminated skyscrapers stand in the central business district at sunset on November 13, 2023 in Beijing, China. (Photo by Gao Zihong/VCG via Getty Images)
VCG | China Optical Group | Getty Images
The Chinese Cabinet on Wednesday appointed market veteran Wu Qing as head of the China Securities Regulatory Commission. State media said XinhuaReplacing Yi Huiman to navigate Beijing through the turbulent waters caused by a market downturn.
Nicknamed the “Middle Butcher,” Wu previously served as vice mayor of Shanghai, China's main financial center, and served for nearly two years as head of the Shanghai Stock Exchange.
His predecessor Yi took up the mantle of the CRSC in 2019, tasked with implementing a series of sweeping capital markets reforms.
Wu's appointment comes in the footsteps of the Chinese Securities and Exchange Regulatory Commission, which over the past two weeks announced new supportive policies to stabilize and revitalize the stricken Chinese stock market, which has become a victim of fluctuations in the real estate sector and widespread investor pessimism about the outlook for the second economy in the world. largest economy.
Compounding the picture, China's CSI 300 index fell to its lowest level in five years on January 31, after manufacturing activity in the country contracted for the fourth month in a row.
This is a breaking news story, and is being updated.
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