A financial industry veteran with a doctorate from Stanford University is set to serve as vice-chairman of China’s securities regulator, as the agency seeks to repair damage to its reputation by its handling of stock market volatility this summer, local media reported yesterday.
Fang Xinghai, who serves on a financial and economic policymaking group under Premier Li Keqiang, will take over as deputy chairman of the China Securities Regulatory Commission, Caixin reported.
The CSRC was chastised for its handling of the stock market turmoil . The Shanghai Composite rose 150 per cent in the year to June 9, then fell 44 per cent in the next two and a half months. It has since recovered slightly.
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