FINANCE

Exclusive: China’s Top Securities Regulator Reshuffles Key Departmental Heads

Published: Aug. 25, 2025 6:54 p.m. GMT+8

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Zhao Shanzhong (left), Shen Bing. Photo: AI generated

China’s top securities watchdog is reshuffling the leadership of two key departments, giving a new job to a senior official who was involved in the landmark agreement that allowed U.S. regulators access to audit working papers of U.S.-listed Chinese companies, Caixin has learned.

Zhao Shanzhong, chairman of the Securities Association of China, a self-regulatory industry group overseen by the China Securities Regulatory Commission (CSRC), has taken over as head of the Department of Fund and Intermediary Supervision, Caixin learned from people with knowledge of the matter.

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Zhao Shanzhong was appointed head of the CSRC's Department of Fund and Intermediary Supervision, succeeding Shen Bing.
Shen Bing now leads the Department of International Affairs, known for his role in the 2022 U.S.-China audit access agreement.
Both departments are critical within CSRC, overseeing financial institutions and cross-border regulatory matters, respectively.

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Who’s Who

China Securities Depository and Clearing Corp. Ltd.: China Securities Depository and Clearing Corp. Ltd. (CSDC) is an organization overseen by the China Securities Regulatory Commission (CSRC). Shen Bing, a veteran official set to lead the CSRC's Department of International Affairs, previously held various roles, including one at the CSDC.

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