Gone but not forgotten

7 December 2017 By Christopher Beddor Follow @cbeddor

The China Banking Regulatory Commission’s new vice chair is a confidant of former anti-corruption czar Wang Qishan. Watchdogs are already clamping down on the financial sector. As people from Wang’s no-nonsense camp join the fray, banks and their investors should brace for more.

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The China Banking Regulatory Commission said on Dec. 7 that Zhou Liang had been appointed vice chairman in November. Zhou was previously head of the organizational department of the Central Commission for Discipline Inspection, the Chinese Communist Party’s anti-corruption agency. He served as a longtime secretary for Wang Qishan, the country’s former anti-corruption czar, according to media reports.

The South China Morning Post reported that Wang is being allowed to continue attending meetings of the Politburo Standing Committee, China’s highest political organ. He formally stepped down from the body in October.

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