Skip to main content

Guo Shuqing – the regulator set on de-risking China’s fintech sector


­
­­­
­­­
­China’s top banking regulator, Guo Shuqing, is on a mission to rein in the country’s growing fintech sector. As opposed to the traditional banking sector, China’s fintech sector is dominated by private companies. As chairman of the China Banking and Insurance Regulatory Commission (CBIRC), he is attracting attention as he takes on the task of de-risking and regulating the financial sector.

In November last year, he was at the helm when the CBIRC when the decision was taken to halt Ant Group’s USD 37 billion initial public offering, and last month he was behind the issuance of new draft rules that could force the break-up of the company’s online payment arm on antitrust grounds. Taking on Jack Ma has important symbolic value - Guo is quoted as saying no fintech company should be allowed to become “too big to fail”.

Guo has been in his current position since 2017 and is also the vice governor of the People’s Bank of China (PBOC), where he heads the bank’s Communist Party committee. Giving these two roles to one person is new - the previous governor of PBOC did not have to deal with a vice governor like Guo.
He is famously sceptical of internet finance and led the clampdown on China’s peer-to-peer lending industry. While he is said to see the benefit of some payment apps that are “helpful to the real economy”, he says people should be very wary of any investment that promises returns that are too good to be true.

The 65-year-old was born in Inner Mongolia and studied philosophy and Marxism before focussing on economics. His studies took him to Oxford University where he was a visiting scholar. But Guo is first and foremost a party guy. He has built a reputation for fixing complex issues, having previously pushed through reforms to prevent insider trading and market manipulation in the stock market. With experience running the China Construction Bank and a spell as governor of the province of Shandong, he is clearly trusted by President Xi Jinping to de-risk China’s rapidly evolving financial sector by means of regulation.

Media coverage and sources:

Comments

Popular posts from this blog

Menon meets Karzai, discusses security of Indians

Kabul/New Delhi/Washington, March 5 (IANS) India Friday said that the Feb 26 terror attack in Kabul will not deter it from helping rebuild Afghanistan as National Security Adviser Shivshankar Menon met Afghan President Hamid Karzai in Kabul to review the security of around 4,000 Indians working in that country. Menon, who arrived here Friday morning on a two-day visit, discussed with Karzai some proposals to bolster security of Indians engaged in a wide array of reconstruction activities, ranging from building roads, bridges and power stations to social sector projects. The Indian government is contemplating a slew of steps to secure Indians in Afghanistan, including setting up protected venues where the Indians working on various reconstruction projects will be based. Deploying dedicated security personnel at places where Indians work is also being considered. Menon also met his Afghan counterpart Rangin Dadfar Spanta and enquired about the progress in the probe into the Kabul atta

Iran is losing the game to regional actors in its strategic depth

Rethink before It’s Too Late http://www.irdiplomacy.ir/index.php?Lang=en&Page=21&TypeId=15&ArticleId=7108&BranchId=19&Action=ArticleBodyView Iran is losing the game to regional actors in its strategic depth –Afghanistan. By Houman Dolati It is no more a surprise to see Iran absent in Afghanistan affairs. Nowadays, the Bonn Conference and Iran’s contributions to Afghanistan look more like a fading memory. Iran, which had promised of loans and credit worth five-hundred million dollars for Afghanistan, and tried to serve a key role, more than many other countries, for reconstruction and stabilization of Afghanistan, is now trying to efface that memory, saying it is a wrong path, even for the international community. Iran’s empty seat in the Rome Conference was another step backward for Afghanistan’s influential neighbor. Many other countries were surprised with Iran’s absence. Finding out the vanity of its efforts to justify absence in Rome, Iran tried to start its

Pakistani firm whose chemicals were used to kill US troops seeks subsidy for Indiana plant

By Jennifer Griffin, Justin Fishel Published March 22, 2013   A Pakistani fertilizer maker whose chemicals have been used in 80 percent of the roadside bombs that have killed and maimed American troops in Afghanistan is now seeking U.S. taxpayer subsidies in order to open a factory in Indiana.  The request appears to be on hold pending further review, but the situation has stirred outrage in Congress, where some accuse the Pakistani government of halting efforts to clamp down on the bomb-making.  For the past seven years, the U.S. government has known that the raw material calcium ammonium nitrate, or CAN, is making its way across the border into Afghanistan where the Taliban use it to fuel their most deadly weapons, namely the improvised explosive device. IEDs have long been the number one killer of U.S. and coalition troops.  The material largely comes from Pakistani fertilizer maker the Fatima Group. But the Pakistani government has stymied attempts by the Pentagon to stop the