Guo Shuqing, China's newly appointed banking regulator, attends a news conference ahead of China's parliament in Beijing, March 2, 2017. Photo: Reuters/Shu Zhang

Guo Shuqing, the new director of the China Banking and Insurance Regulatory Commission, was appointed as both the party boss and vice governor of the People’s Bank of China on Monday, breaking the norm of former personnel arrangements, The Paper reported.

Previously, the party committee secretary and director of the central bank are often held by one person.

Analysts pointed out that such an arrangement is in line with the ongoing reform of the financial supervision system.

The 61-year-old Guo has worked in macroeconomic management departments, including the State Development Planning Commission and the National Economic Reform Commission, for many years.

He has also been called “the overall reformist” together with Wu Jinglian, Zhou Xiaochuan, Lou Jiwei and Li Jiange.

At present, China’s financial regulatory system has been restructured to “one department, one bank and two commissions.”

This includes the Financial Stability Development Committee of the State Council, the People’s Bank of China, the China Banking and Insurance Regulatory Commission, as well as the China Securities Regulatory Commission, replacing the former “one bank, three commission” structure.

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