Saturday, November 1, 2014   




Security tip for CSRC boss

Tuesday, January 28, 2014

China Securities Regulatory Commission chairman Xiao Gang may leave his post to join the new State Security Committee chaired by President Xi Jinping, mainland media reported.

But responding to a report in a weekly publication under the 21st Century Business Herald the CSRC said it has not received any notice of Xiao's move.

The CSRC boss is reportedly becoming a member of the finance department under the State Security Committee. The 56-year-old took the helm of the mainland stocks regulator in March.

A structural reform was initiated at the CSRC during a meeting on January 21, and all its six departments will have new chiefs soon, the weekly magazine, Wealth Management Weekly, reported.

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Also, the Issuance Examination Commission - a major body that approves initial public offerings - will be abolished.

There is also a possibility that Xiao may not have to leave his present post, but could hold both positions concurrently,the report said.

Meanwhile, China has announced a pilot program for consumer finance companies focusing on providing consumption-related loans to individuals.

Investors with at least five year's expertise in the finance industry can set up a consumer finance firm as long as they have minimum assets of 60 billion yuan (HK$77 billion) in the past year, the China Banking Regulatory Commission said yesterday.

Each loan cannot exceed 200,000 yuan.

GRACE CAO


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