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Economy

Return of financial reformer to Beijing a hopeful sign

Guo Shuqing well-suited to tame China's banking sector

| China
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Guo Shuqing, at his first news conference as China's new top banking regulator, on March 2.   © Reuters

Recent days have seen a flurry of activity, announcements and personnel changes by and among China's financial regulators. A coordinated plan to rein in problems with wealth management products and to better clarify the risks and responsibilities underlying them was soon followed by new chiefs for the commerce ministry and the National Development and Reform Commission.

Then came word, most significantly, of the return of reformer Guo Shuqing as chairman of the China Banking Regulatory Commission. If that wasn't enough, President Xi Jinping offered comments emphasizing the need to control financial risks, deal with zombie companies and push forward with financial reforms.

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