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The Chinese Communist Party appointed three new leaders to top financial regulatory positions on Saturday. It’s the beginning of a broad Party leadership shuffle–which in 2012 will include new appointees to the roles of Chinese president and premier.
These regulatory positions are increasingly important–as China faces potentially growing inflation, real estate bubbles, and non-performing bank loans.
Shang Fulin, aged 60, has left his role as securities regulator to become chairman of the China Banking Regulatory Commission.
China Construction Bank chairman Guo Shuqing, aged 55, is taking on Shang’s former role to become the new chairman of the China Securities Regulatory Commission.
And Xiang Junbo, aged 54, has been appointed chairman of the China Insurance Regulatory Commission after leaving his post as chairman of the Agricultural Bank of China.
It’s relatively common for the Communist Party to move officials between posts in government or state-owned enterprises.