Guo Shuqing appointed as head of China's banking regulator

Guo Shuqing [File Photo: CGTN]

Guo Shuqing, the governor of China's eastern Shandong province, has been appointed as the new head of the country's banking regulator, Chinese business daily 21st Century Business Herald reported on Friday.

Guo will be replacing Shang Fulin as the Chairman of the China Banking Regulatory Commission (CBRC). 

Shang Fulin, Chairman of China Banking Regulatory Commission (CBRC), attends a press conference for the Fourth Session of the 12th NPC (National People's Congress) in Beijing, China, 12 March 2016.[Photo: IC]

A former chairman of China's stock market regulator, the China Securities Regulatory Commission (CSRC), Guo, 60, is one of the country's most experienced financial services professionals and regulators.

At a high-level CBRC meeting on Friday, Guo pointed out that the top eight risks in the financial sector were also reflected in the banking system, the 21st Century Business Herald said. These included non-performing asset risk, liquidity risk, bond default risk, shadow bank risk, external shock risk, real estate bubble risk, government debt risk and Internet financial risk. 

Shang Fulin had been the chairman of CBRC since October 2011. After stepping down, he was expected to take a position on the Committee for Economic Affairs in the National Committee of the Chinese People's Political Consultative Conference.