Liu Shiyu is assuming oversight of the world’s second-largest stock market in the wake of last summer’s slump that saw Xiao Gang criticized for mismanagement. Mr. Xiao was blamed for the free fall of Chinese stock markets after the implementation of the now abolished circuit breaker mechanism. Mr. Liu Shiyu assumed the Chairman of China Securities Regulatory Commission (CSRC) and Secretary of the CSRC Party Committee starting from February. Mr. Liu, born in November 1961, is an ethnic Han from Guanyun, Jiangsu Province. He holds a Master of Science degree in Management Engineering.
Mr. Liu started his career in Office of Economic System Reform of Shanghai Municipal Government, and moved to the State Commission for Restructuring the Economic System in 1987. He served as Deputy Director-General of the Housing Credit Department of China Construction Bank from 1994. He then joined the People’s Bank of China (PBC), where he held various positions, including Deputy Director-General of the Banking Department, Deputy Director-General and Director-General of Banking Supervision Department II, Director-General of the General Administration Department, and Director-General of the Office of PBC Party Committee. Mr. Liu was named as Assistant Governor and a member of the PBC Party Committee in July 2004. In June 2006, he was appointed as Deputy Governor of PBC. He served as Secretary of the Party Committee of the Agricultural Bank of China (ABC) from October 2014, and Chairman of ABC from December 2014. He was appointed as Chairman of CSRC and Secretary of the CSRC Party Committee in February 2016.