方星海將擔任中國證監會副主席

A financial industry veteran with a doctorate from Stanford University is set to serve as vice-chairman of China’s securities regulator, as the agency seeks to repair damage to its reputation by its handling of stock market volatility this summer, local media reported yesterday.

中國媒體昨日報道，擁有斯坦福大學(Stanford University)博士學位的金融行業資深人士方星海即將出任中國證監會(CSRC)副主席一職。目前證監會正尋求修復其在今年夏季應對股市動盪的方式對自身聲譽造成的損害。

Fang Xinghai, who serves on a financial and economic policymaking group under Premier Li Keqiang, will take over as deputy chairman of the China Securities Regulatory Commission, Caixin reported.

財新報道稱，中國總理李克強手下的中央財經領導小組辦公室國際經濟局局長方星海將接任中國證監會副主席。

The CSRC was chastised for its handling of the stock market turmoil . The Shanghai Composite rose 150 per cent in the year to June 9, then fell 44 per cent in the next two and a half months. It has since recovered slightly.

中國證監會因處理股市動盪的方式而受到外界指責。在截至6月9日的一年，上證綜指飆漲150%，接着在接下來的兩個半月中下跌44%。此後略有回升。

The agency, where working hours are long and salaries low, has struggled to attract and retain talent.

證監會因工作時間長且薪資低難以吸引和留住人才。

Analysts say the CSRC and its chairman, Xiao Gang, failed to contain the risks from an increase in leverage that accompanied the rally through margin lending, including lightly regulated grey-market margin lending.

分析人士表示，證監會及其主席肖鋼未能遏制股市上漲期間融資交易推高槓杆率所帶來的風險，包括監管鬆弛的灰色融資市場。

After the correction began, critics frowned at the CSRC’s heavy-handed response, which included a ban on share sales by major shareholders, a crackdown on futures trading, and hundreds of billions of renminbi spent by state financial institutions to prop up the market.

在股市調整開始以後，批評者對證監會的強硬迴應難以認同，這些措施包括禁止大股東出售股份、打擊期貨交易以及國有金融機構花費數千億元人民幣救市。

Mr Fang will replace departing deputy chair Liu Xinhua, who reached the mandatory retirement age of 60 last month.

方星海將接替上月達到法定退休年齡（60歲）的證監會副主席劉新華。

Industry observers pointed to the broad experience and international outlook of Mr Fang, 51.

行業觀察人士指出，51歲的方星海具備廣泛經驗和全球視野。

He worked as an economist at the World Bank in Washington before returning to Beijing for a senior role at China Construction Bank He later served as a senior executive at Galaxy Securities and as deputy general manager of the Shanghai Stock Exchange .

他曾在華盛頓擔任世界銀行(World Bank)經濟學家，而後回到北京在中國建設銀行(CCB)擔任高職，後來擔任銀河證券(Galaxy Securities)高管以及上海證券交易所(Shanghai Stock Exchange)副總經理。