Beijing pushes back against report head of securities regulator wants to resign
Is China’s securities czar resigning?
On November 13, Reuters scooped that Wu Qing, chairman of the securities regulator (CSRC), is seeking to step down for health reasons.
- In a rare move, just a few hours later, the CSRC published a readout and photos from a healthy-looking Wu’s November 11-13 visit to France and Brazil.
- The piece – seemingly aimed at quashing the report – was carried across state media.
Wu is credited with being a stabilizing force in China’s notoriously volatile stock market.
- The market was in a deep slump when he assumed the CSRC chairmanship in February 2024 – the benchmark Shanghai Composite Index (CSI) was at its lowest level since 2019.
- Wu has spent his tenure working to rebuild confidence – tightening oversight of securities brokerages, boosting the role of institutional investors, and incrementally liberalizing the capital account – and the CSI has risen over 35% under his stewardship.
Get smart: Wu's departure could spook investors.
Our take: Ultimately, Beijing wants a capital market where confidence doesn’t hinge on the health of a single official.
- This whole episode is a reminder of just how far they have to go.