The China Securities Regulatory Commission (CSRC) is to lose its Hong Kong adviser Michael Wu Wai-chung. Meanwhile the securities watchdog's chief adviser Anthony Neoh, also from Hong Kong, will teach law for a year at Harvard University in the US, beginning in September. Although Mr Neoh said the visiting professor position at Harvard would not affect his role as chief adviser, it will take away from the time he will have available to be in Beijing. He yesterday denied his teaching role or Mr Wu's plans to leave at the end of next month were related to Laura Cha Shih May-lung's recent appointment as CSRC vice-chairman. He said Mr Wu quit the CSRC to spend more time with his family in Australia. Mr Wu's departure and Mr Neoh's diminishing CSRC role is coincidental with Mrs Cha's appointment from mid-March. Observers said the CSRC now wanted to appoint full-time executives who would carry out reform plans, rather than just be advisers. Mr Neoh denied rumours that he would also be appointed a CSRC vice-chairman. 'The CSRC chairman and I . . . both consider I am not suitable to be a government official,' he said. 'I think I am more suitable to be a professor or an adviser.' Mr Neoh, Mr Wu and Mrs Cha have all been senior executives of the local Securities and Futures Commission (SFC). Mr Neoh became CSRC chief adviser after he left the SFC in late 1998 for a HK$1 million yearly salary. Mr Wu was appointed as a CSRC adviser for a HK$4.5 million salary. Mrs Cha was appointed with a salary of about HK$6 million. But, as opposed to Mr Neoh or Mr Wu, Mrs Cha will become a Chinese Government official with a rank of vice-minister, and will work full-time in Beijing.
