China’s Top Financial Regulator Names New Beijing and Shanghai Branch Heads

The mid-level reshuffle at China’s top financial regulator, the National Financial Regulatory Administration (NFRA), is gaining speed, with new branch heads being appointed for its Beijing and Shanghai offices and various departmental leaders rotating roles [para. 1].

Pei Guang is poised to lead the NFRA’s Beijing branch. Pei, formerly the director of the NFRA branch in Guangdong province, is set to replace Yang Dongning, who has been appointed to the Communist Party committee of the Export-Import Bank of China and will likely become a vice president of the policy bank [para. 2][para. 3]. Pei, 58, has a robust background in financial regulation, having served at the central bank, the China Insurance Regulatory Commission (CIRC), and the now-defunct China Banking and Insurance Regulatory Commission (CBIRC) in Guangdong. Colleagues describe him as open-minded and communicative [para. 4][para. 5][para. 6].

Qi Xiang, previously the director of the NFRA’s Legal and Regulation Department, has been designated as the head of the NFRA's Shanghai branch. Qi is taking over from Wang Junshou, who is expected to be named a vice governor of Hunan province [para. 7][para. 9]. Qi, 51, has an impressive academic background, being the top scorer in humanities in Jilin province during the national college entrance exam, which led him to Peking University to study economics. He has also gained significant experience in prudential regulation at the CBRC and was involved in drafting documents for the recent Central Financial Work Conference held in October [para. 9][para. 10][para. 11][para. 12]. Qi is also known for his translating works, including Ray Dalio's “Principles” [para. 13].

To replace Qi as the director of the Legal and Regulation Department, Wang Shengbang has been appointed. In addition to his new role, Wang remains the head of the Institution Recovery and Resolution Department. Wang, 56, is recognized for his work ethic and history of overseeing significant risk disposals, including the collapse of Liaoning Zhongwang Group Co. Ltd. in Liaoning province [para. 17][para. 18][para. 19].

The leadership rotation has also extended to the Rural Small and Medium-sized Bank Supervision Department, which Wang previously headed. Li Mingxiao, former head of the Policy Research Department, is now leading this department. Li, 53, has extensive experience supervising local banks [para. 20]. Li’s previous position at the Policy Research Department will be taken over by Guo Wuping, who holds an MBA from Imperial College London [para. 21]. Guo's former role in the inclusive finance department will be assumed by Jiang Ping, a former director of the NFRA's Chongqing branch [para. 22].

Overall, these changes are part of a broader strategy to rotate government officials across different regions to ensure a wide range of experience and the sharing of best practices. Officials believe that the new assignments will pave the way for further career advancements for individuals like Qi, who can expect promotions after gaining experience in key financial hubs like Shanghai [para. 13][para. 14][para. 15].

The reshuffle reflects the dynamic nature of China's regulatory framework and a commitment to employing seasoned professionals in strategic roles across the nation’s financial landscape [para. 1][para. 2][para. 7][para. 12][para. 20].