Senior securities official quits post

PUBLISHED : Tuesday, 17 October, 1995, 12:00am
UPDATED : Tuesday, 17 October, 1995, 12:00am

THE general counsel of the China Securities Regulatory Commission (CSRC), Gao Xiqing, has resigned from his post, citing poor health.

Mr Gao, also director of public offerings of the CSRC, said yesterday his three-year office with the commission would end on Friday.

'I don't feel well from the head to the feet,' he said, although he would continue his classes on securities law at the University of International Business and Economics of China next week.

Mr Gao, 58, has been a professor at the university since he started at the commission, from which he received a 'position subsidy' instead of regular pay.

Well-regarded in the securities industry, Mr Gao received his doctorate at Duke University in the United States and is a founder of Beijing-based Haiwen legal consultancy.

'I won't be joining the private sector in the next 12 months, in order to comply with the commission's practice code,' he said.

The resignation of Mr Gao follows that of Chen Dagang, the chief of the CSRC's law department, several months ago.

A replacement has not been found for Mr Chen, although Liu Hong was named the new deputy chief at the law department, in tandem with the department's deputy Wang Jing.

The departure of Mr Gao has prompted analysts to focus on the commission's top level.

The market is buzzing with talk that vice-chairman Zhu Li and other senior officials will be resigning soon, although no official announcement has been made.

Changes to the top of the commission came after Zhou Daojiong took over from Liu Hongru as the CSRC chairman in March this year.

Although critics said the resignation of the commission's senior executives might have in some way related to Mr Zhou, analysts said it was the change in the focus of the industry that contributed to the personnel moves.

One Shanghai analyst said: 'There is no solid ground to link Mr Zhou with the personnel changes. What I guess is that the change in the nature of China's securities industry is prompting the changes.' He was referring to the securities industry's change of focus from rapid development in the past to a more cautious approach complying with rules and standards.

'Because the way of running the sector is different, there should be new regulators,' he said.

Mr Gao is the second senior securities official to resign in the past two months. President Wei Wenyuan left the Shanghai Stock Exchange in September.