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China's new financial regulator to crack down on violations and prevent risks


China has appointed Li Yunze, a little-known local government official, as the party secretary of the newly formed national financial supervision and management bureau that regulates thousands of banks, insurers, and trust firms, according to an announcement on Wednesday. The 52-year-old former banker was elevated from his latest post as a vice-governor of Sichuan province, where he has served since 2018. Market watchers had expected candidates with more seniority and expertise to tackle financial risks as Beijing strives to shore up the world’s second-largest economy. The appointment marks a departure from the leadership changes in March when Beijing reappointed several top economic officials to provide continuity. The enlarged national regulator was unveiled in March in a bid to step up oversight over the financial sector as authorities pledged to prevent and defuse economic and financial risks this year.

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