Xiao Gang (; born 1958 in
Ji'an
Ji'an () is a prefecture-level city situated in the central region of Jiangxi province of the People's Republic of China while bordering Hunan province to the west. It has an area of and as of the 2020 census, had a population of 4,469,176, of ...
,
Jiangxi
Jiangxi (; ; formerly romanized as Kiangsi or Chianghsi) is a landlocked province in the east of the People's Republic of China. Its major cities include Nanchang and Jiujiang. Spanning from the banks of the Yangtze river in the north int ...
) was the chairman of the
China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) is a government ministry of the State Council of the People's Republic of China (PRC). It is the main regulator of the securities industry in China.
History
China's first Securities Law was ...
from March 2013 until 20 February 2016. He was previously chairman of the board of directors of
Bank of China Limited
The Bank of China (BOC; ) is a Chinese majority state-owned commercial bank headquartered in Beijing and the fourth largest bank in the world.
The Bank of China was founded in 1912 by the Republican government as China's central bank, repl ...
, of the
Bank of China (Hong Kong) Limited
Bank of China (Hong Kong) Limited () also known as its short name Bank of China (Hong Kong) or BOCHK (), is a subsidiary of the Bank of China (via a Hong Kong-listed intermediate holding company BOC Hong Kong (Holdings)). Bank of China (Hong K ...
, and deputy governor of the
People's Bank of China
The People's Bank of China (officially PBC or informally PBOC; ) is the central bank of the People's Republic of China, responsible for carrying out monetary policy and regulation of financial institutions in mainland China, as determined by ...
, the
central bank
A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union,
and oversees their commercial banking system. In contrast to a commercial bank, a central ba ...
of the
People's Republic of China
China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...
. He has been credited for playing a crucial role in the reform of China's banking sector.
Biography
Xiao Gang graduated from Hunan Institute of Finance and Economics in 1981. He holds a master's degree in International Economic Law from the
Renmin University of China
The Renmin University of China (RUC; ) is a national key public research university in Beijing, China. The university is affiliated to the Ministry of Education, and co-funded by the Ministry and the Beijing Municipal People's Government.
RUC ...
(1996).
[Xiao Gang (肖鋼)](_blank)
''Bochk.com''
Xiao Gang joined the
People's Bank of China
The People's Bank of China (officially PBC or informally PBOC; ) is the central bank of the People's Republic of China, responsible for carrying out monetary policy and regulation of financial institutions in mainland China, as determined by ...
in 1981 where he served as director of research, head of the foreign exchange trade center, and assistant governor in October 1996. From October 1998 to March 2003, he was deputy governor of the PBOC, and member of the Currency Policy Committee from 2000 to March 2003.
Xiao Gang was appointed the chairman of the board in
Bank of China Limited
The Bank of China (BOC; ) is a Chinese majority state-owned commercial bank headquartered in Beijing and the fourth largest bank in the world.
The Bank of China was founded in 1912 by the Republican government as China's central bank, repl ...
in March 2003.
Xiao Gang was appointed chairman of the
China Securities Regulatory Commission
The China Securities Regulatory Commission (CSRC) is a government ministry of the State Council of the People's Republic of China (PRC). It is the main regulator of the securities industry in China.
History
China's first Securities Law was ...
in March 2013. He was the scapegoat for critics after the July–August 2015 stock market mayhem (28% drop in value). He is blamed for allowing a speculative bubble to grow which led millions of Chinese families to lose their invested savings. In an article of ''Foreign policy'', David Wertime argues that the Chinese government, through its state-controlled media outlets, clearly favored Xiao Gang's fast-growth policy.
On 20 February 2016, Xiao stepped down as chairman of the China Securities Regulatory Commission. He is a Non-Resident Senior Fellow at the
China Finance 40 Forum
The China Finance 40 Forum or CF40 is a Chinese think tank created in 2008 which specializes on issues of economic and financial policy. In January 2021, the University of Pennsylvania's Think Tanks and Civil Societies Program ranked CF40 as #8 to ...
(CF40).
Family
Xiao Gang is married to Wu Touhong (b. 1959). Wu Touhong graduated from Hunan Institute of Finance and Economics, and served at China Minsheng Banking Corp., Ltd.(CMBC) as chief financial officer. Together they have two sons, Xiao Haojie (Michael) and Xiao Nan (Leo). Xiao Haojie (Michael) served as the board member at
GF Securities
GF Securities ()is a securities firm in China which engages in the operation of large-scale comprehensive securities broking and trading services. The company was founded in 1991 and is headquartered in Guangzhou, China.
History
The securities ...
. Xiao Nan (Leo) studied MBA at UCLA Anderson School of Management.
Xiao Gang has famously let his hair go grey, while most Chinese high-ranking officials dye their hair black.
References
1958 births
Living people
Bank of China people
Chinese bankers
Businesspeople from Changsha
Politicians from Changsha
People's Republic of China politicians from Hunan
Chinese Communist Party politicians from Hunan
Renmin University of China alumni
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