Chief regulator Guo Shuqing tipped as Shandong governor
Securities commission supremo, credited with major market reforms, set to become governor in step towards future place in party hierarchy
China's chief securities regulator Guo Shuqing is tipped to move sideways to become the governor of Shandong province in a move likely to have an impact on the mainland's capital markets.
Guo is credited with a series of major reforms to revamp the country's arcane stock markets since he took office in late 2011.
But the move is also being seen as a step towards grooming him for a more important position in the hierarchy in the future.
A Beijing-based source said: "He is believed to be a favourite candidate by the top state leaders to lead the country's financial policies in the future. The new post is of benefit to his rise."
He is believed to be a favourite candidate by the top state leaders to lead the country's financial policies in the future. The new post is of benefit to his rise
Government sources said Guo, the 57-year old chairman of the China Securities Regulatory Commission (CSRC), will take the helm soon in Shandong, a major agricultural and industrial base and one of the key growth engines for the mainland economy. The incumbent governor Jiang Daming , 60, will become the minister of land and resources, pending formal approval by the National People's Congress later this week.
The changes came as a surprise to many, as analysts believed the new leadership under Xi Jinping and Li Keqiang wanted to keep the financial and banking sector stable and would not introduce major changes this year.