Opening-Up Advocate Says Goodbye to China’s Top Securities Regulator
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Fang Xinghai speaks at the Lujiazui Forum in Shanghai on June 19. Photo: VCG
Fang Xinghai, a staunch supporter of opening up China’s capital markets, has stepped down as a vice chairman of the country’s top securities regulator, a few months after reaching retirement age, according to an official announcement Tuesday.
During his nearly nine-year tenure as the China Securities Regulatory Commission (CSRC) vice chairman overseeing international affairs, Fang regularly met with senior executives from foreign financial institutions to address their issues in China in a frank and outspoken manner.
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- Fang Xinghai stepped down as vice chairman of the China Securities Regulatory Commission (CSRC) after a nearly nine-year tenure focused on international affairs and opening up China's capital markets.
- Under Fang's leadership, China increased foreign investor access by permitting futures trading, removing foreign shareholding caps, and resolving regulatory disputes with the U.S.
- Fang's successor is Li Ming, with the international affairs department temporarily overseen by Vice Chairman Wang Jianjun.
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Who’s Who
- China Construction Bank
- China Construction Bank (CCB) is one of China's "Big Four" state-owned banks. Fang Xinghai joined CCB in 1998 at the invitation of Zhou Xiaochuan, its then-newly appointed president. Fang worked at CCB for two years, assisting with its Hong Kong IPO plan.
- China Galaxy Securities
- In 2000, Fang Xinghai became the secretary-general of China Galaxy Securities’ operation and management committee. China Galaxy Securities is highlighted in connection with Fang's career, during which he likely contributed to the firm's operations and management.
- Shanghai Stock Exchange
- The Shanghai Stock Exchange (SSE) is one of China's major stock exchanges. Fang Xinghai joined the SSE in 2001 as an assistant president and later became a vice president overseeing market supervision, bonds, and funds. During his tenure, he promoted reforms in the securities sector.
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What Happened When
- 1977：
- Fang Xinghai's family moved to Shanghai.
- 1981：
- Fang was admitted to Tsinghua University.
- 1986：
- Fang graduated from Tsinghua University and was sent to study in the U.S.
- 1993：
- Fang served as an economist and investment officer at the World Bank.
- 1998：
- Fang returned to China and joined China Construction Bank.
- 2000：
- Fang became secretary-general of China Galaxy Securities’ operation and management committee.
- 2001：
- Fang joined the Shanghai Stock Exchange (SSE) as an assistant president.
- 2005：
- Fang joined the Shanghai municipal government.
- 2013：
- Fang concluded his service in the Shanghai municipal government.
- 2015：
- Fang was appointed a vice chairman of the CSRC.
- 2019：
- Fang traveled to the U.S. to resolve a dispute regarding access to U.S.-listed Chinese companies’ audit work papers.
- 2022：
- China and the U.S. reached a preliminary agreement to grant American officials access to audit documents.
- 2024-07-30：
- Fang Xinghai stepped down as a vice chairman of the CSRC.
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