Chart of the Day: Finance Veterans in Government
China has put 11 finance industry veterans and officials in posts at the level equivalent to provincial vice governor.
Some of the officials had worked for regulatory agencies such as the People’s Bank of China (PBOC) and the China Securities Regulatory Commission (CSRC). Others had worked for the “Big Five” state-owned commercial banks: Bank of China Ltd., Industrial and Commercial Bank of China Ltd., Agricultural Bank of China Ltd., China Construction Bank Corp., and Bank of Communications Co. Ltd.
Shuffling financiers between central and local governments, as well as state-owned financial institutions, has become an increasingly popular tactic to grease the wheels of policy coordination and help them get a sense of the financial sector on the ground.
In 2007, Tu Guangshao, then vice chairman of the CSRC, was appointed as a vice mayor of the Shanghai municipal government. In 2016, he moved to China Investment Corp., the country’s sovereign wealth fund, where he took over as president.
Also in 2016, Zhu Hexin, then a vice president of Bank of China, was appointed a vice governor of Southwest China’s Sichuan province. Two years later, he was tapped to serve as a deputy governor of the PBOC.
Contact reporter Timmy Shen (email@example.com, Twitter: @timmyhmshen)
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