BEIJING, CHINA – NOVEMBER 13: Illuminated skyscrapers stand in the central business district at sunset on November 13, 2023 in Beijing, China. (Photo by Gao Zhong/VCG via Getty Images)
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China's cabinet on Wednesday appointed markets veteran Wu Qing as head of the China Securities Regulatory Commission. State media Xinhua reportedInstead, Yi Huiman navigated the turbulent waters of the market downturn to Beijing.
Nicknamed the “Broker Butcher,” Wu was previously deputy mayor of Shanghai, China's main financial center, and served as chairman of the Shanghai Stock Exchange for nearly two years.
His predecessor, Yi, took the helm of the CRSC in 2019, tasked with sweeping reforms to the capital markets.
Wu's appointment follows in the footsteps of the CSRC over the past two weeks announcing new support policies to stabilize and revive China's battered stock market, which has been hit by volatility in the property sector and widespread investor pessimism in the world's second view. Huge economy.
Making the picture worse, China's CSI 300 fell to a five-year low on Jan. 31, as the country's manufacturing activity shrank for a fourth straight month.
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