Ex-BOC chairman appointed top securities regulator

The government has appointed a new top regulator for the nation's securities market in the middle of its campaign to improve companies' listing practices and the market's credibility.

Xiao Gang, former chairman of the Bank of China, was appointed chairman of the China Securities Regulatory Commission, government securities market information sources said on Sunday, almost immediately after the close of the National People's Congress, which approved the appointment of China's new cabinet.

The 54-year-old Xiao succeedes Guo Shuqing, whose new portfolio is yet to be officially announced. Xiao reportedly pledged upon his appointment at a meeting in CSRC that he will seek the continuation of the main thrust of CSRC's present policies.