What’s new: The Shanghai stock exchange Thursday reported a top leadership reshuffle with the appointment of a new Communist Party chief.
Qiu Yong, a senior official at the China Securities Regulatory Commission (CSRC), was named the Communist Party head of the Shanghai exchange, replacing Huang Hongyuan, who will be assigned to other post, the bourse said.
Qiu, who has been the director of the CSRC’s Institution Department since 2020, is a veteran securities regulator and has taken leadership posts in the commission’s Guangdong and Hunan branches.
Qiu has a deep understanding of securities industry supervision and is reform-minded and innovative, people familiar with Qiu said.
Background: During his tenure at the CSRC’s Institution Department, Qiu advocated opening-up of China’s financial markets. China should continue to improve its institutional arrangements to make its markets more attractive for foreign investors and to ensure consistent and transparent regulation, Qiu said.
Shanghai is the largest stock exchange in China with 2,037 companies trading as of the end of 2021. The total market value of the stocks amounted 52 trillion yuan ($7.4 trillion) as of the end of last year, the third-largest in the world.
The stock market rout this year slashed the value of the market to 47.4 trillion yuan for 2,162 traded stocks.
Quick Takes are condensed versions of China-related stories for fast news you can use.
Download our app to receive breaking news alerts and read the news on the go.
Get our weekly free Must-Read newsletter.