China appoints Wu Qing as new chairman for securities regulator

The State Council of the People’s Republic of China appointed Wu Qing as the new chairman of the China Securities Regulatory Commission (CSRC), replacing Yi Huiman, CNBC reported on Wednesday, citing Xinhua.

Wu, known as the “Broker Butcher” for his crackdown on traders, previously served as the acting vice mayor of Shanghai and chairman of the Shanghai Stock Exchange for nearly two years.

His appointment came as the CSRC announced new policies to stabilise the stock market, which has been affected by volatility in the property sector and investor pessimism.

The CSRC pledged a “zero-tolerance” policy against malicious short selling. The move follows a five-year-low for China’s CSI 300 and concerns about the country’s economic outlook.