Despite Personnel Change at CSRC, Reforms Must Proceed
With his departure as chairman of the China Securities Regulatory Commission, Guo Shuqing became the agency's most short-lived chief. We don't know how he felt, but the stock market swing on March 18, the day Xiao Gang took office, suggested that investors were not yet sure what to expect of Guo's successor.
Guo's departure after 17 months in office is not good news for a securities market in need of overhaul. The various schemes he launched were aimed at long-term market reform, and their effects can only be felt after a few years of implementation. To be sure, the deregulation of the stock market and funds must continue to prevent a return of the old ills; efforts to securitize bonds and assets will come to a dead end if they are put on hold now; and the "zero tolerance" audit policy, especially, must be fully backed, for there can be no U-turn.
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