Li Yunze, a veteran banker, has been chosen to head China’s new National Financial Regulatory Administration. According to Global Times, the new administration is meant to directly regulate the financial sector and defuse systemic risks—particularly external risks, which are significant given the growing meltdown of the trans-Atlantic financial system.
The director of the Finance and Securities Institute of the Wuhan University of Science and Technology, Dong Dengxin, told Global Times that Li’s appointment “is definitely to further advance China’s financial reform, and to further improve the efficiency and quality of the financial sector in serving the real economy.”
