China appoints veteran banker Ding Xiangqun as financial regulator\u2019s\nCommunist Party chief<\/p>\n
Beijing is taking steps to stabilise leadership at the National\nFinancial Regulatory Administration after former head Li Yunze was\ndemoted in April due to what was treated as a suspected disciplinary\nviolation.<\/p>\n
BEIJING: China has appointed veteran banker Ding Xiangqun as the\nCommunist Party committee chief of the National Financial Regulatory\nAdministration, according to a statement released by the regulator on\nFriday (May 29).<\/p>\n
Ding, most recently chairperson of state-owned insurance giant the\nPeople\u2019s Insurance Company (Group) of China, is also likely to become\nthe director of the top regulatory body, with both roles traditionally\nheld by the same person.<\/p>\n
Beijing is taking steps to stabilise leadership at the NFRA after\nformer head Li Yunze was demoted in April due to what was treated as a\nsuspected disciplinary violation, Reuters reported.<\/p>\n
More widely, the government is in the process of a sweeping\nfinancial-sector cleanup, targeting corruption and consolidating its\nsupervisory control over the industry.<\/p>\n
In recent months, several high-ranking financial officials have been\ninvestigated or removed from their positions.<\/p>\n
The NFRA oversees thousands of financial firms including banks,\ninsurers and trust firms in China\u2019s US$79 trillion financial sector.<\/p>\n
Ding, 61, was elevated to the Central Committee of the Communist\nParty of China in July 2024, becoming the first woman from the financial\nsector to join the roughly 200-member body that ranks below the\nPolitburo in the party\u2019s power structure.<\/p>\n
At PICC, which she joined in 2024, Ding has overseen one of China\u2019s\nlargest insurance conglomerates with operations spanning property,\ncasualty, life insurance and asset management.<\/p>\n
Her early career included a two-decade stint at Bank of China. She\nhas also worked at China Taiping Insurance Group and China Development\nBank, and served as deputy head of the government of Guangxi region.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/china-appoints-veteran-banker-ding-xiangqun-as-financial-regulators-communist-party-chief-1780071002", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }