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SCMP Reporter

Fan Fuchun, a vice-chairman of the China Securities Regulatory Commission,  will step down,  having reached the mandatory retirement age.
Liu Xinhua, an assistant to CSRC chairman Shang Fulin (above),  would fill the vacancy left  by Mr Fan, sources said.
Analysts said the  changeover  would not affect  policy setting  at the securities watchdog.
Mr Fan, 61, the No2 official at the CSRC, also holds the post of deputy party secretary of the agency. He was expected to retire last year after turning 60, but the global financial crisis and the Beijing Olympics delayed  high-level personnel changes at the  agency.
Policy setting normally hinged on  the commission's chairman, so the retirement of Mr Fan  would not bring  any major changes to the commission, which  had been struggling to  address the bearish sentiment  that  had hobbled the  exchanges, analysts said.
Sources said there  was speculation at the securities watchdog that Mr Shang, 58, would also leave the commission in the near future to oversee the People's Bank of China, replacing central bank governor Zhou Xiaochuan.
In China, minister-level officials normally retire at the age of 65, while vice-minister-level officials step down when they reach  60.
'The rumour that Mr Shang would leave has been circulating within the CSRC for quite a few months,' said a source.
High-level personnel changes at the CSRC  are always a topic of interest on the mainland,  where millions  put their life savings into the equity market.  Many mainland investors believe the choice of CSRC chairman  can affect the movement of the key indices.
If Mr Shang were to stay on, the CSRC would continue to take a go-slow approach to reform, analysts said.
The CSRC  has considered launching index futures, a growth enterprise market and margin lending  in the past two years,  but none  have so far materialised.
It was reported that Mr Fan would head the China Financial Futures Exchange after stepping down.  The futures bourse was established in 2006,  but  the first contract has yet to be  traded.
His replacement, Mr Liu, is  in charge of the CSRC's general  office,  which is also responsible for media releases on policy changes.
The CSRC will  nominate a new assistant chairman.



Shuffle at CSRC as vice-chairman  retires, talk chairman may depart