Fang named CSRC vice-chairman

Fang Xinghai, newly named vice-chairman of the China Securities Regulatory Commission

The State Council on Friday appointed Fang Xinghai, a senior official with the Central Economic and Financial Leading Group, as vice-chairman of the China Securities Regulatory Commission.

Fifty-one-year-old Fang will replace Liu Xinhua who reached retirement age of 60 last month. Fang has been working as a senior official with the office of the Central Economic and Financial Leading Group, under the State Council.

Fang will be responsible for the international businesses of the CSRC. The Stanford-educated Fang holds a master's degree and a doctorate from the university. He also has a bachelor's degree from Tsinghua University.

Fang has prior experience in working with various financial institutions and government departments including the World Bank, China Construction Bank Corp, Galaxy Securities Co Ltd, the Shanghai Stock Exchange and the Shanghai Financial Services Office.

He has also been working on projects involving the capital market opening up and reforms, including research on innovative programs like the China (Shanghai) Pilot Free Trade Zone.

"Fang has been advocating more importance to market opening up and liberalization, and he has extensive experience in this field," a source who declined to be identified but has worked with Fang told China Daily.

Fang's appointment is the second senior personnel change at the CSRC after the stock market started to recover from the sharp retreat in June. In August, the government appointed former vice-head of the foreign exchange regulator Li Chao as vice-chairman of the CSRC.

Analysts said the personnel changes have pleased the investors as they expect more long-term, positive changes in the stock market. The new officials will also help the regulator come up with solutions for a better trading environment.