On February 20, 2016 (January 13, 2016 in the lunar calendar), Xiao Gang resigned from the China Securities Regulatory Commission and Liu Shiyu took over. Fang Xinghai, vice chairman of China Securities Regulatory Commission, and others lined up to shake hands with Xiao Gang and say goodbye to the handover of China Securities Regulatory Commission. Xiao Gang, who had been the chairman of China Securities Regulatory Commission for less than three years, resigned on February 20th, 2016. Liu Shiyu, chairman of Agricultural Bank of China, took over Xiao Gang as the chairman of China Securities Regulatory Commission. On February 20th, Xinhua News Agency released this news. In addition, the news of post replacement was also announced at the meeting of middle-level and above cadres of the CSRC held at 9:30 a.m. on February 20th. Before the meeting, Tencent Finance saw in Fukai Building, the office of the CSRC, that at 9:23, Xiao Gang and Liu Shiyu arrived at the same time by car. Jiang Yang, Li Chao, Fang Xinghai, Zhao Zhengping and Huang Wei, the current members of the CSRC leadership team, stepped forward one by one to shake hands with Xiao Gang, and then went to Liu Shiyu, the new chairman, one by one to shake hands to greet him. After a simple welcoming ceremony, a group of leaders stepped into Block A of Fukai Building, and the middle-level cadres of the CSRC system had arrived, waiting for the transfer of power between the two chairmen. Earlier, informed sources close to the top told Tencent Finance that the Central Organization Department had recently completed the assessment of Liu Shiyu and Xiao Gang, and their departure audit had also been completed. This is usually regarded as the last procedure before an official changes his position. Before the change of their positions, people close to the CSRC revealed to Tencent Finance that on February 19th, the CSRC had "briefed" cadres at or above the bureau level, announcing that "major issues" would be announced. Subsequently, the news that Xiao Gang would leave office began to spread in the market. At the same time, the aforementioned insiders close to the top revealed to Tencent Finance that Xiao Gang may serve as deputy governor of the central bank, but his level is still at the ministerial level. "But it is not ruled out that there are variables." Liu Shiyu, 55, Xiao's successor, has a low-key and pragmatic style. Many ABC insiders said that Liu is highly praised internally. Liu Shiyu joined the Agricultural Bank of China from the post of deputy governor of the central bank in 2014. Previously, there was a rumor in the industry that Liu Shiyu would go to a southern province as governor. Liu Shiyu has rich experience in the financial system, and has successively worked in Shanghai Economic Structural Reform Office, National Economic Structural Reform Commission, China Construction Bank, People's Bank of China and Agricultural Bank of China. In a speech in 2014, he mentioned that the development of the capital market should have three dimensions: healthy, comprehensive and multi-level. He believes that the core of solving various problems in the capital market is to develop a multi-level capital market. At the same time, it is necessary to expand the financing capacity of the capital market. "Refinancing alone is not enough." Xiao Gang became the chairman of Bank of China in March 2013 and took over the scepter of chairman of China Securities Regulatory Commission. Carrying out big data rat trapping, restarting IPO, and promoting the registration system, Xiao Gang's "three fires" after taking office are eye-catching, and A-shares have also ushered in a big bull market after seven years of waiting. However, after the huge fluctuation of the stock market in the summer of 2015 and the fuse shock in early 2016, Xiao Gang, the head of the China Securities Regulatory Commission, was questioned by many questions from the market. In June, 2015, with the help of many leveraged funds, A-shares, which had soared for half a year, reached the highest level of 5,178.19 points. However, with the settlement of off-exchange fund-raising and other actions, the Shanghai Composite Index rapidly slipped from this highest point, and the index "halved", evaporating the market value of more than 30 trillion yuan. The occurrence of the stock market crash put Xiao Gang into an embarrassing situation, because it not only affected the function of the capital market to transfuse blood to the real economy, but also delayed the process of amending the securities law, which in turn affected the much-anticipated registration system reform process. The CSRC then fell into an anti-corruption storm. Two generals in charge of rescuing the market: Zhang Yujun, former assistant chairman of China Securities Regulatory Commission, and Yao Gang, former vice chairman, were successively announced to be under investigation; In November, the Seventh Inspection Team of the Central Commission for Discipline Inspection settled in the CSRC, and the anti-corruption storm was fierce and continuous. Under a series of changes, Xiao Gang's position is crumbling. Since September, the news that the top management is dissatisfied with Xiao Gang and intends to find a suitable candidate to replace him has spread like wildfire. Since then, Xiao Gang has been reported many times about job changes and other news. In the past January, after the China Securities Regulatory Commission launched the new fuse system policy that tried to calm the market, it triggered the threshold four times in just four trading days, triggering the market closure, and the market's doubts about Xiao Gang reached the highest point. Reuters later quoted the news as saying that the central leadership was extremely dissatisfied with it, and Xiao Gang had offered to resign. However, the CSRC immediately denied this news, saying that "the news of Chairman Xiao Gang's resignation is inconsistent with the facts." At the 2016 Securities and Futures Supervision Work Conference held not long ago, Xiao Gang attributed the abnormal fluctuation of the stock market to "immature traders, incomplete trading system, imperfect market system, unsuitable supervision system, etc." He believes that supervision needs to learn lessons. After talking about the abnormal fluctuations in the stock market, Xiao Gang used more than 1,000 words to describe the six major achievements made by the CSRC in the past year. However, although the market has expressed a lot of dissatisfaction with Xiao Gang, it believes that he should take leadership responsibility for the huge fluctuations in the stock market. However, a former senior official of the financial system told Tencent Finance that the market's opinion on Xiao Gang was "too harsh". He said that the chairman of the CSRC was a "crater" and it was difficult to balance the interests of all parties, so it would attract a lot of criticism. "Aside from these, Xiao Gang is dedicated and diligent, which is his strength," he said. Liu Shiyu's resume From 1987 to 1996, he worked in Shanghai Economic Structural Reform Office, National Economic Structural Reform Commission and China Construction Bank. From 1996 to 1998, he served as assistant inspector and deputy director general of the Banking Department of the People's Bank of China; From 1998 to 2002, he served as deputy director and director of the Second Banking Supervision Department of the People's Bank of China; From 2002 to 2004, he served as the director of the General Office and the director of the Party Committee Office of the People's Bank of China; In July 2004, he served as a member of the Party Committee and assistant to the President of the People's Bank of China; In June 2006, he was appointed as a member of the Party Committee and Vice President of the People's Bank of China. In October 2014, he was appointed as Party Secretary and Executive Director candidate of Agricultural Bank of China Co., Ltd. In December 2014, he served as Party Secretary and Chairman of the Agricultural Bank of China. Xiao Gang's resume graduated from Hunan University of Finance and Economics with a bachelor's degree in 1981 (merged into Hunan University in 2000); He started working in the People's Bank of China in 1981. 1989.10-1994.02, deputy director and director of Policy Research Office of People's Bank of China; 1994.02-1995.07, General Manager of China Foreign Exchange Trading Center; 1995.07-1996.10, Director of the Planning and Fund Department of the People's Bank of China (the youngest bureau-level cadre in the central bank system); In 1996, he obtained a master's degree in law from Renmin University of China Law School (Master's thesis-"On the Transnational Flow of Short-term Capital and State Control", studied under Lin Yuhui, a professor majoring in international economic law at Renmin University of China Law School). 1996.10-1998.10, Assistant Governor of the People's Bank of China 1998.10-2003.03, Deputy Governor of the People's Bank of China, long-term in charge of trust business and member of the Monetary Policy Committee of the Central Bank; 2003.03-2004.08, Chairman, Party Secretary, President of Bank of China and Party Secretary of Orient Asset Management Company (2003.06-2004.12 and President of China Banking Association); 2004.08-2013.3, Chairman, Party Secretary, Executive Director and Chairman of Strategic Development Committee of the Board of Directors of Bank of China Limited; He is also Secretary of the Party Committee of Orient Asset Management Company. On November 14th, 2012, he was elected as a member of the 18th Central Committee of the Communist Party of China. From March 17, 2013 to present, he has served as Secretary of the Party Committee and Chairman of the China Securities Regulatory Commission (including a member of the Monetary Policy Committee of the Central Bank in September 2013 and a * in June 2015). In January 2016, he served as the leader of the leading group of poverty alleviation and development of China Securities Regulatory Commission. Representative of the 17th CPC National Congress, alternate member of the 17th CPC Central Committee and member of the 18th CPC Central Committee. Successive chairmen of China Securities Regulatory Commission 1. Liu Hongru (October 1992-March 1995) 2. Zhou Daojiong (March 1995-May 1997) 3. Zhou Zhengqing (May 1997-February 2000) 4. Zhou Xiaochuan (February 2000-December 2002) 5. Shang Fulin (December 2002-October 2011) 6. Guo Shuqing (October 2011-March 2013) 7. Xiao Gang (March 2013-February 20, 2016) 8. Liu Shiyu (February 20, 2016 to present)