2024-02-09 19:44:35
Repeated and changing policies have made China’s economic prospects unpredictable. Pictured is the China Securities Regulatory Commission. (Greg Baker/AFP)
[The Epoch Times, February 9, 2024](Epoch Times reporter Xia Song reported) As China’s stock market continues to plummet, the Chinese Communist Party’s official media suddenly announced on Wednesday (7th) that Wu Qing would take over as chairman of the China Securities Regulatory Commission, and Yi Huiman Removed from office. There are two unusual things regarding this incident. One is that there are reports that the Organization Department of the Communist Party of China did not issue an internal announcement before the official media released the news, and senior officials within the China Securities Regulatory Commission were even surprised by this. Another point is that there are differences between the appointment and dismissal notices issued by the official media and previous notices.
On February 7, Xinhua News Agency, the official media of the Communist Party of China, reported that the Central Committee of the Communist Party of China and the State Council decided to appoint Wu Qing as Secretary and Chairman of the Party Committee of the China Securities Regulatory Commission and remove Yi Huiman from his posts as Secretary and Chairman.
On the same day, Bloomberg reported that people familiar with the situation revealed that the news caused shock within the entire industry and the Securities Regulatory Commission. These people said that before Xinhua News Agency released the news, the Organization Department of the Communist Party of China did not issue any internal announcements, and the Organization Department usually makes internal notifications before important personnel changes are made public.
Yi Huiman’s swift removal surprised even senior officials at the China Securities Regulatory Commission, underscoring China’s growing alarm over the speed and scope of the current market meltdown. Wu Qing is an ally of Premier Li Qiang.
The SEC did not immediately respond to Bloomberg’s request for comment.
The Epoch Times reporter reviewed the appointment and dismissal notices of previous CSRC chairmen Yi Huiman, Liu Shiyu, and Xiao Gang, and found that this time’s appointment and dismissal notices are different from the previous ones. There is no word “a few days ago” in this notice of appointment and dismissal.
On January 26, 2019, the authorities announced that the Central Committee of the Communist Party of China and the State Council had recently decided to appoint Yi Huiman as chairman of the China Securities Regulatory Commission and remove Liu Shiyu from his post.
On February 20, 2016, the authorities announced that the Central Committee of the Communist Party of China and the State Council had recently decided to appoint Liu Shiyu as chairman of the China Securities Regulatory Commission and remove Xiao Gang from his position as chairman.
Li Linyi, a political commentator, believes that in terms of CCP procedures, following senior leaders make such personnel replacement decisions, they will usually notify the Organization Department first and communicate with the replacement department in advance. There was no word “a few days ago” in the personnel appointment and dismissal notice, indicating that the situation was urgent. The top leaders of the CCP were very worried regarding the current situation of the stock market, so they hurriedly made the move to quickly remove Yi Huiman and executed it quickly. In other words, the decision made by the top management was handed down to the China Securities Regulatory Commission within the same day, so it surprised the internal officials of the China Securities Regulatory Commission. This also shows that China’s financial market is actually in a state of crisis.
Editor in charge: Li Lin#
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