Trust Regulator Cai Esheng 'to Step Down'

(Beijing) – Cai Esheng, the vice chairman of the China Banking Regulatory Commission (CBRC) who has been in charge of regulating trust companies for years, will retire soon, a source inside the regulator says.

Cai would be replaced by Yan Qingmin, the assistant to CBRC chairman Shang Fulin, the source said.

Cai, 62, became CBRC's vice chairman in September 2005. While in office, the CBRC implemented a series of consolidations of the trust sector and steered trust companies towards better management through "window guidance," which involves regulating through guidance and recommendations rather than binding rules.