China has appointed banking veteran Yi Huiman to head the China Securities Regulatory Commission (CSRC), putting governance of the nation’s stock markets in his hands at a time when investor confidence has been hit by a slowing economy and U.S. tariffs.
Yi, 54, currently chairman of the Industrial and Commercial Bank of China (ICBC), will take over from Liu Shiyu as the CSRC’s party secretary and chairman, state news agency Xinhua reported on Saturday.
In the short term, Yi will have to handle the imminent launch of a planned Nasdaq-style technology board in Shanghai, while the integration of China’s capital markets into the global system will also likely be at the top of his agenda.
Two projects aimed at internationalizing China’s stock market, including the Shanghai-London stock connect, were delayed last year. Foreign investors still only account for 3 percent of the country’s total market capitalization.