Insurance Xiaobian helps you to answer, and more questions can be answered online.

Summary: Liu Mingkang was removed from the post of Chairman of China Banking Regulatory Commission; Shang Fulin was removed from the post of Chairman of the China Securities Regulatory Commission; Wu Dingfu was relieved from the post of Chairman of the China Insurance Regulatory Commission. On February 2, 24, the State Council issued the "Nine Articles of the State", and on April 29, 25, the China Securities Regulatory Commission issued the "Notice on Issues Related to the Pilot Reform of the Non-tradable Shares of Listed Companies", announcing the start of the pilot reform of the non-tradable shares.

Liu Hongru, the first chairman of the CSRC

Zhou Daojiong, the second chairman of the CSRC

Zhou Zhengqing, the third chairman of the CSRC

Zhou Xiaochuan, the fourth chairman of the CSRC

Shang Fulin, the fifth chairman of the CSRC

On the 29th, Xinhua News Agency announced the appointment and dismissal of the State Council: Shang Fulin was appointed as the chairman of the China Banking Regulatory Commission; Appointed Guo Shuqing as Chairman of China Securities Regulatory Commission; Xiang Junbo was appointed chairman of China Insurance Regulatory Commission. At the same time, Liu Mingkang was removed from the post of Chairman of the China Banking Regulatory Commission; Shang Fulin was removed from the post of Chairman of the China Securities Regulatory Commission; Wu Dingfu was relieved from the post of Chairman of the China Insurance Regulatory Commission.

Comprehensive news of this newspaper

On November 26th, 199, Shanghai Stock Exchange, the first stock exchange in new China, was listed on the Huangpu River in Shanghai. Liu Hongru, deputy director of the State Commission for Economic Restructuring, Zhou Daojiong, president of China Construction Bank, and Zhou Zhengqing, deputy governor of the Central Bank, were among the people present to congratulate. Later, all three were kissed by Zhu Rongji and successively served as the chairman of the China Securities Regulatory Commission. Successors, Zhou Xiaochuan and Shang Fulin, also had similar experiences as the previous three presidents, and both held important leadership positions in the central bank.

in the past p>2 years, everything in the capital market has been closely linked with the China Securities Regulatory Commission, a full-time institution. Liu Hongru, Zhou Daojiong, Zhou Zhengqing, Zhou Xiaochuan and Shang Fulin are not significantly different from other ministers, but because they are in charge of the Securities and Futures Commission, which has attracted the attention of countless enterprises and investors, and it is the capital market that has made them people's attention.

Liu Hongru: the founder of the capital market

As a proud disciple of Professor Atlas, a top monetary bank expert in the former Soviet Union, Liu Hongru returned to China after receiving an associate doctorate in 1959. At that time, there was a shortage of national financial talents, and even fewer doctors with research direction and study abroad background in monetary banking.

Before becoming the chairman of the CSRC, he made two critical moves to save the China stock market.

In p>199, Liu Hongru, then the vice director of the State Commission for Economic Restructuring, boldly advised the top leaders of the country that the pilot of the stock market could not be cancelled. In June, 1992, he lost no time to use Deng Xiaoping's southern tour to make the final decision on the development of the stock market, and published an article in People's Daily entitled "Several Issues on China's Trial Joint-stock System", clearly putting forward the view that the socialist system can make full use of the joint-stock system.

In p>1992, the nationwide stock craze and the "8.1" stock subscription fraud case in Shenzhen prompted the rapid establishment of the State Council Securities Commission and China Securities Regulatory Commission. In October of that year, Zhu Rongji personally appointed Liu Hongru as the first chairman of the CSRC.

the establishment of supervision mode has become a pioneering work in Liu Hongru. Using the stock market to attract foreign investment, making bold innovations in securities products and launching H shares and N shares have become the great contributions of Liu Hongru.

In more than a year, Liu Hongru also presided over the formulation of the Interim Regulations on the Administration of Stock Issuance and Trading, the Measures for the Administration of Stock Exchanges and 23 supporting laws and regulations.

you never know. In February 1995, the "327 Treasury bond futures incident" broke out, and on March 3, Liu Hongru left his post.

Zhou Daojiong: Unswerving Normator

On March 31st, 1995, a veteran with 3 years' financial career was appointed as the second chairman of China Securities Regulatory Commission. He is Zhou Daojiong, and strengthening standardized operation has become his consistent philosophy.

At the beginning of his tenure, Zhou Daojiong had to face a major test: dealing with the major violation of the "327" treasury bond futures that happened in Shanghai on February 23rd of that year. He personally presided over the follow-up off-exchange agreement liquidation of "327" treasury bond futures and suspended the nationwide treasury bond futures trading pilot.

On September 2th of the same year, the China Securities Regulatory Commission, the Ministry of Supervision and other departments announced the investigation results and handling decisions on the "327 incident", and Guan Jinsheng, the president of IWC, was sentenced to 17 years in prison for dereliction of duty and misappropriation of public funds. Universal Securities and Shen Yin Securities Company merged.

The impact of this incident is no different from the capital market turmoil caused by the collapse of Lehman Brothers in the US subprime mortgage crisis in 28.

Taking this opportunity, in 1996, Zhou Daojiong personally presided over and successively issued "Twelve Gold Medals" such as Notice on Regulating the Behavior of Listed Companies and Notice on Resolutely Stopping Overdraft in Stock Issuance, and resolutely dealt with more than 9 cases of violation of laws and regulations such as Changhong Incident and Huatian Incident. Zhou Daojiong's title of "fire fighting captain" came into being.

in order to achieve faster development in the norms, he put forward suggestions to the central authorities on the development of the securities market from the ninth five-year plan period to 21. At that time, Premier the State Council listened to opinions and supported the CSRC to promote practical work accordingly. To this end, Zhou Daojiong has decisively reformed the issuance method, changing the previous distribution quota to the number of listed companies, and a large number of large state-owned enterprises have been listed.

his idea of seeking development by norms has achieved good results. During his tenure, the stock index rose by more than 1%. It is generally believed in the industry that among the five presidents, his term of office is the best period for making money.

Zhou Zhengqing: the regulator of making good use of policies

On July 12, 1997, Zhou Zhengqing, then the director of the State Council Securities Commission, also served as the chairman of China Securities Regulatory Commission. It is not difficult for careful investors to find that during Zhou Zhengqing's tenure at the CSRC, the density and intensity of policy intervention in stock market regulation were more unprecedented.

when Zhou Zhengqing took up his post, the Asian financial crisis broke out. At that time, the illegal issuance of securities and trading activities in China were rampant, securities companies misappropriated a large number of deposits, and unexpected events occurred frequently in the futures market, which became sufficient reasons for the senior financial expert to make up his mind to let policies intervene in regulating the stock market.

Since 1998, he skillfully used policy leverage to organize and carry out a series of key battles:

Clean up and rectify the OTC illegal stock exchange market, securities institutions, futures markets, securities exchange centers and securities investment funds, especially closing 41 illegal stock exchange places involving 3.4 million shareholders and 52 enterprises.

Creating a bull market by policy means is his most controversial and successful masterpiece. In May, 1999, the State Council officially approved a request for instructions on further promoting and standardizing the development of the securities market, which triggered the famous "5.19" blowout market. In just one and a half months, the stock index rose by 7%.

more than 25 laws and regulations were promulgated and implemented in one year. On July 1, 1999, the weathered Securities Law came into effect, initially forming a legal and regulatory system for the securities market.

on February 23rd, 2, Zhou Zhengqing left his post. After retiring, he became more enthusiastic about the stock market. He is the one who made the most direct comments on the China stock market and touched the crux of the problem most frequently among all the outgoing chairmen of the CSRC.

Zhou Xiaochuan: Market School Advocating Supervision

On February 24th, 2, Zhou Xiaochuan, an economist and president of China Construction Bank, who was the main contribution of China's overall reform theory, became the chairman of China Securities Regulatory Commission.

as a typical representative of the market school, he embedded the market-oriented reform into the supervision of the securities market. At the beginning of taking office, the regulatory orientation is that the CSRC should be a good referee, not biased or resigned.

Strict supervision and cracking down on shady activities have also become Zhou Xiaochuan's main achievements in purging the securities market. He took the opportunity of the "fund shady" debate and began to display his series of combination boxing to strengthen supervision.

In March, 21, Shi Meilun, who just left the post of vice chairman and chief operating officer of the Hong Kong Securities Regulatory Commission, was strongly invited to join the China Securities Regulatory Commission as the vice chairman specializing in supervision. Subsequently, the shady stock market was exposed one after another, and a large number of illegal listed companies were put on file for investigation.

on March 17, 21, the approval system for listing of companies was officially launched, and the approval system with strong administrative color finally withdrew from the historical stage.

since 22, the latest financial reports of A-share companies that apply for refinancing should be reviewed by domestic and international accounting firms respectively.

On November 8, 22, the Interim Measures for the Administration of Domestic Securities Investment of Qualified Foreign Institutional Investors, jointly formulated by China Securities Regulatory Commission and China People's Bank, was officially promulgated and came into force on December 1, 22.

The "casino theory" and "reinventing the wheel theory" that happened during Zhou Xiaochuan's tenure are widely regarded as the main culprits for the subsequent five-year plunge in China stock market. The failure to implement the four-month state-owned shares reduction policy further aggravated the stock market crash.

From p>21 to 25, the Shanghai Composite Index dropped from the highest point of 2,245 points to 998 points, plunging by 56%. The market value of the stock market evaporated by nearly 2.3 trillion yuan, and investors were deeply trapped. The China stock market was on the verge of collapse.

Shang Fulin: The Terminator of Split Share Structure

On December 27th, 22, China Securities Regulatory Commission welcomed another head of the bank, namely Shang Fulin, the president of China Agricultural Bank. He also became the head of this position for the longest time.

at the beginning of his tenure, Shang Fulin faced the fact that the stock market continued to decline in the long bear market. By June 25, the stock index had finally fallen below 1, points, and almost all the accusations were directed at the CSRC. However, it is from this point that it is considered to be "reinvented" that China's Shanghai and Shenzhen stock markets launched a stunning and repeatedly suppressed bull market, with the highest increase exceeding 5%.

As a financial expert, Shang Fulin deeply realized that the lack of share-trading system as a major basic system has distorted the pricing mechanism of the securities market for a long time, making corporate governance lack of the same interest base, affecting the expected stability of the securities market and restricting the internationalization process and development innovation of China's capital market. To realize the comprehensive, coordinated and sustainable development of the capital market, this system bottleneck must be completely solved.

in order to ensure the success of the share-trading reform, the share reform has formulated two operating principles: first, pilot first, coordinated promotion and step-by-step implementation; The second is unified organization and decentralized decision-making.

On February 2, 24, the State Council issued "National Nine Articles", and on April 29, 25, China Securities Regulatory Commission issued "Notice on Issues Related to the Pilot Reform of Non-tradable Shares of Listed Companies", announcing the start of the pilot reform of non-tradable shares. On May 31st, China Securities Regulatory Commission and State-owned Assets Supervision and Administration Commission issued "Opinions on Doing a Good Job in the Pilot Work of Share-trading Reform", and the two ministries expressed their determination with actions.

In June of the same year, the CSRC issued the Measures for the Administration of Repurchase of Social Public Shares by Listed Companies (Trial), and successively issued seven favorable policies, including encouraging fund investment, refinancing securities firms, temporarily reducing dividend tax, temporarily exempting stamp duty and income tax generated from consideration, allowing controlling shareholders to increase their holdings, and issuing warrants. And has launched two batches of * * * 46 enterprises for pilot.

On June 1th, 25, Sany Heavy Industry became the first listed company in China stock market to implement full circulation through share-trading reform. On that day, the Shanghai Composite Index soared more than 8%.

in August, 25, five ministries and commissions jointly issued the Guiding Opinions on the Reform of Non-tradable Shares of Listed Companies. In September, the Administrative Measures for the Reform of Non-tradable Shares of Listed Companies was officially promulgated.

by the end of 26, there were 1,269 companies in Shanghai and Shenzhen stock exchanges, accounting for 97% of the market value. Then the Shanghai and Shenzhen stock markets began a magnificent bull market.

On June 6th, 25, the Shanghai Composite Index rose from the lowest point of 998.23 points to 6124.4 points on October 16th, 27, with the largest increase of 513.6%. This has also become the highest point in the history of China stock market.

unfortunately, with the deepening of the global financial crisis, the stock market plunged all the way from the end of 27. In one year, the Shanghai Composite Index plunged to 4,459.11 points, with a plunge of 72.81%. Is the current stock index, although more than 1% higher than when he took office, but most of the market participants are heavily in losses.

Is the index wrong or is the structure still problematic? There is no accurate answer to everything, and investors are still pursuing it.

As the terminator of the split share structure, this major reform completed by Shang Fulin means that after 2 years of construction, China A-share market has truly entered the era of full circulation. This has also become the greatest achievement since Shang Fulin took office. And he presided over the launch of small and medium-sized board, Growth Enterprise Market and stock index futures, which made China's capital market more full-fledged and more important in the world. （ZK5）