On March 6, 2024, Wu Qing, Chairman of the China Securities Regulatory Commission, answered questions at the press conference of the second session of the 14th National People’s Congress in Beijing.
Wang Wei | AFP | Getty Images
The People’s Bank of China said it had reorganized its monetary policy committee to include Wu Qing, chairman of the China Securities Regulatory Commission, and Xuan Changneng, vice-president of the central bank.
Wu was appointed chairman of the China Securities Regulatory Commission last month, replacing his predecessor Yi Huiman, the central bank said in a statement late Tuesday.
The central bank said the Monetary Policy Committee, chaired by People’s Bank of China Governor Pan Gongsheng, also added two new academic members – Huang Yiping of Peking University and Huang Haizhou of Tsinghua University.
Huang Yiping holds a PhD in economics from the Australian National University. He has worked at Citibank and Barclays Bank and is currently the dean of the National Development Research Institute of Peking University. Huang served as a member of the Policy Committee of the People’s Bank of China from 2015 to 2018.
Huang Haizhou is an economist who studied in the United States. He was a senior manager of the investment bank China International Capital Corporation (CICC) and taught at the Chinese University of Hong Kong and the London School of Economics.
The new academic members replace Liu Shijin and Cai Fang, both influential government economists.
The policy group meets quarterly to discuss economic and policy issues and recommend changes when necessary, but its influence is limited.
In January, China’s State Council revised the rules of the central bank’s policy group to strengthen the Communist Party’s leadership on key policy issues.
The People’s Bank of China’s regulatory powers were weakened in a recent reshuffle, lacking the independence of agencies such as the Federal Reserve and requiring cabinet approval for major changes in interest rates and the value of the yuan.
Pan told a news conference this month that the central bank “has a wealth of monetary policy tools” and that there is still room for banks to lower reserve requirements.
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