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, of the Bank of China (Hong Kong) Limited, 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 centra ...

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 List of countries and dependencies by population, most populous country, with a Population of China, population exceeding 1.4 billion, slig ...

. 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)
''Bochk.com'' Xiao Gang joined the

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 in March 2003. Xiao Gang was appointed chairman of the

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 {{PRChina-business-bio-stub