Chinese Economic Stagnation: Rumors Surrounding the Resignation of the Chairman of the China Securities Regulatory Commission
China’s economy is stagnating, and attention is now focused on the position of the Chairman of the China Securities Regulatory Commission (CSRC), which is considered a high-risk position within the Chinese Communist Party. Last year, Wu Qing took over as the Chairman of the CSRC, and there have been recent rumors circulating about his resignation. However, the CSRC official website released news about his overseas visits, and on the 14th of November, Wu Qing attended the Fourth Plenary Session of the CSRC and delivered a report.
On Friday, November 14th, the official website of the CSRC reported that as a member of the Central Propaganda Group, Wu Qing, the Secretary of the Communist Party Committee and Chairman of the CSRC, delivered a speech at the Fourth Plenary Session of the CSRC.
Earlier on November 13th, Reuters quoted sources as saying that Wu Qing expressed his desire to resign due to health reasons and it was unexpected. However, it is still unknown whether his resignation has been approved and when he will officially leave his post.
Despite the rumors, the CSRC official website quickly responded that from November 10th to 13th (Monday to Thursday), Chairman Wu Qing visited the financial regulatory departments in France and Brazil and held discussions with representatives from international institutions and investors. The website even published two photos of Wu Qing’s itinerary.
Public records show that Wu Qing, 60 years old this year, has served in various positions at the CSRC for many years, such as Director of the Institutional Supervision Department, Director of the Securities Company Risk Resolution Office, and Director of the Fund Supervision Department. He was transferred to Shanghai in 2010 and held positions such as Secretary of the Hongkou District Party Committee, Chairman of the Shanghai Stock Exchange, Vice Mayor of Shanghai, Deputy Party Secretary of Shanghai, and Secretary of the Political and Legal Committee.
In February 2024, Wu Qing took over as Chairman of the CSRC after the sudden dismissal of his predecessor Yi Huiman.
In recent years, the Chinese stock market has been in turmoil, making the position of CSRC Chairman a “high-risk position.”
In September this year, the former CSRC Chairman Yi Huiman was investigated. Prior to Yi Huiman, the former CSRC Chairman Liu Shiyu was announced to be under investigation in May 2019. And before Liu Shiyu, the former CSRC Chairman Xiao Gang was dismissed in 2016 following the stock market crash in 2015.
In addition, in July 2024, CSRC Vice Chairman Fang Xinghai was dismissed, and in December 2022, CSRC Vice Chairman Zhao Zhengping was also dismissed.
On the evening of April 30th this year, the official announcement from the Chinese Communist Party revealed that the Vice Chairman of the CSRC, Wang Jianjun, was under investigation.