BEIJING, March 8 The head of China's securities
regulatory body is reluctant to switch to the top job at the
country's $482 billion sovereign wealth fund as he has only been
in the post for around 18 months and still has work to do, two
independent sources said.
Reuters reported on Thursday that 56-year-old Guo Shuqing, a
seasoned English-speaking chairman of the China Securities
Regulatory Commission (CSRC), was tipped to head the state
investment vehicle China Investment Corp (CIC) as part
of a sweeping reshuffle of top financial portfolios by a new
generation of leaders.
The CSRC denied the report via state news agency Xinhua and
the English online edition of the People's Daily. "We don't know
where they got the information ... We think it is groundless
hearsay," Xinhua quoted an unnamed CSRC spokesperson as saying.
Two sources with ties to China's leadership said Guo
declined the offer to move, and it was unclear if he would
eventually be persuaded to take it.
"He's reluctant to go because he has been with the CSRC for
less than two years," said one source, who didn't want to be
identified to avoid repercussions for discussing secretive elite
politics. Guo took over at the regulator in October 2011.
The sources said the People's Bank of China - the central
bank - and the country's top banking, securities and insurance
regulators would not appoint new leaders this year so they could
maintain the momentum of financial reforms.
"(Guo) still has a lot to do," one of the people said,
referring to the reforms.
A financial industry source said Guo was once considered the
most ideal candidate for the post of central bank governor as
his "resume was complete". Guo previously served as chairman of
China Construction Bank, the country's second-largest
bank, and was vice governor of the impoverished southwestern
province of Guizhou.
Outgoing CIC Chairman Lou Jiwei will likely be named finance
minister, multiple sources have said, when Premier-in-waiting Li
Keqiang forms his cabinet during the 2-week session of
parliament, or National People's Congress, that began on
Three alternative candidates could fill the CIC post if Guo
does not take the job, the sources said.
Li Jiange, chairman of China International Capital Corp, the
country's top investment bank, is the front-runner, the sources
said, ahead of incumbent CIC President Gao Xiqing and Jiang
Jianqing, chairman of the Industrial and Commercial Bank of
China , the world's biggest bank by market