Li Yunze, a career banker working for decades at China’s state-owned lenders, will become the Communist Party chief of the National Financial Regulatory Administration , according to a government announcement on Wednesday. The NFRA was formed in March when Chinese leader Xi Jinping unveiled the biggest overhaul of the government in decades.
In 2018, he was appointed as the deputy governor of Sichuan, responsible for financial and business affairs. It’s not unusual for Communist Party officials to be transferred to different roles at various state-owned organs. Currently, several provincial leaders had previous careers in the financial industry, including Wu Qing, vice mayor of Shanghai and formerly the chairman of the Shanghai Stock Exchange.
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