Lu Lei is the deputy governor of the central bank, and Fu Wanjun is the deputy director of the State Administration of Financial Regulatory Commission
Abstract: Lu Lei was born in the central bank system and has rich work experience, including experience in financial institutions, academic institutions and regulatory agencies; after Fu Wanjun became deputy director, Li Yunze was the director of the State Administration of Financial Supervision and Administration, and the deputy directors were Zhou Liang, Xiao Yuanqi, Cong Cong, and Fu Wanjun
Text: Chen Hongjie, Tang County
Editor|Zhang Wei and Yuan Man
On December 26, according to the official website of the Ministry of Human Resources and Social Security, the State Council appointed Lu Lei as deputy governor of the People's Bank of China, removed Liu Guoqiang from the post of deputy governor of the People's Bank of China, and removed Lu Lei from the post of deputy director of the State Administration of Foreign Exchange.
As of press time, the official website of the People's Bank of China (hereinafter referred to as the "central bank") has updated the information of bank leaders. According to the official website resume, Lu Lei, male, Han nationality, born in November 1970, graduate degree, doctorate in economics, member of the Communist Party of China, current member of the Party Committee and deputy governor of the People's Bank of China.
On the evening of December 26, information on the website of the Ministry of Human Resources and Social Security showed that the State Council appointed and dismissed state workers and appointed Fu Wanjun as deputy director of the State Financial Supervision and Administration Bureau.
On the same day, the Agricultural Bank of China (601288. SH, 1288.HK) also announced that due to work adjustments, Fu Wanjun requested to resign as vice chairman, executive director, president and member of the strategic planning and sustainable development committee of the board of directors, chairman and member of the "three rural" finance and inclusive finance development committee, and member of the nomination and remuneration committee of the Agricultural Bank of China.
After Fu Wanjun took office as deputy director, there were five directors of the State Administration of Financial Supervision and Administration: director Li Yunze, deputy directors Zhou Liang, Xiao Yuanqi, Cong Cong, and Fu Wanjun, and one of the leaders of the State Administration was Wang Lujin, head of the discipline inspection and supervision team.
Lu Lei is the deputy governor of the central bank
Lu Lei studied at the School of Economics of Peking University, Guanghua School of Management, the National Development Research Center of the Australian National University, and the Institute of Finance of the People's Bank of China.
(Lu Lei, source: Chinese government website)
Lu Lei was born in the central bank system and has rich work experience. From August 1995 to December 2003, Lu Lei successively worked in the Economic and Financial Division of the Policy Research Office of the Central Bank and the International Finance Division of the Central Bank Research Bureau. Since then, Lu Lei has worked in the research department of China Merchants Bank, Guangdong University of Finance and other institutions, and has experience in financial institutions, academic institutions and regulators.
From 2014 to August 2016, Lu Lei served as Director of the Research Bureau of the Central Bank, and from August 2016 to July 2017, he served as Director of the Financial Stability Bureau of the Central Bank. From June 2017 to December 2023, Lu Lei served as Deputy Director General of the State Administration of Foreign Exchange and a member of the Party Leadership Group.
A number of people in the financial sector have given positive comments to Lu Lei's academic attainments, and said that his research results during his tenure as director of the Central Bank Research Bureau have been affirmed by the bank's leaders.
Lu Lei's research interests focus on monetary economics, transition finance, corruption economics, public economics and public policy, capital flows and equilibrium exchange rates in the context of open economy, central bank system, rural financial reform and financial deepening, banking microeconomics, and financial regulatory theory.
In 2005, Lu Lei's research project "Economic Analysis of China's Financial Corruption" won the 11th (2004-2005) Sun Yefang Economic Science Award.
Recently, at the 2023-2024 China Economic Annual Conference held at the China Center for International Economic Exchanges, Lu Lei talked about his views on monetary policy, he said, "Monetary policy will play a more active role in effectively enhancing the endogenous driving force of development, preventing and resolving risks, improving social expectations, continuously promoting the effective improvement of economic quality and reasonable growth in quantity, and coordinating high-quality development and high-level security through flexible, moderate, accurate and effective counter-cyclical and cross-cyclical adjustment." ”
The Central Financial Work Conference proposed to revitalize the financial resources that have been inefficiently occupied and improve the efficiency of the use of funds. In this regard, Lu Lei said, "The scale of the mainland's monetary and credit stock is already very large, and it is necessary to deeply understand the connotation and role of revitalizing the stock of funds, and give full play to the role of idle and inefficient stock funds." Even if the growth of new money and credit is smaller, it can still strongly support the development of the real economy. At the same time, he further said that it is necessary to observe the matching support of economic and financial data from a longer cross-cycle perspective, and the cumulative increase in loans may be a better angle to judge, which can avoid the disturbance of special factors in individual months.
Regarding the RMB exchange rate, Lu Lei believes that in the past year, while domestic interest rates have been steadily declining, the interest rates of major currencies have been rising, and the interest rate differential between China and the United States has inverted, once exceeding 200 basis points, and it is increasingly difficult to maintain the basic stability of the RMB exchange rate. In this regard, it is necessary not only to insist that market supply and demand play a decisive role in the formation of the exchange rate, but also to take multiple measures at the same time to stabilize market expectations, resolutely correct the pro-cyclical unilateral behavior of the market, resolutely deal with the behavior that disturbs the market order, and resolutely prevent the risk of exchange rate overshoot.
Fu Wanjun served as deputy director of the Financial Regulatory Bureau
On December 8, according to the website of the Ministry of Human Resources and Social Security, Cao Yu was dismissed from the post of deputy director of the State Administration of Financial Supervision and Administration, and there is a shortage of directors so far. With the arrival of Fu Wanjun, the director of the State Administration of Financial Supervision and Administration has resumed the structure of "one principal and four deputies".
According to public information, Fu Wanjun is a senior executive MBA and a senior economist at Dalian University of Technology. Since January 2023, he has served as Vice Chairman, Executive Director and President of Agricultural Bank of China, Assistant to the President and Vice President of Bank of Communications Urumqi Branch, President of Yinchuan Branch, President of Xinjiang Uygur Autonomous Region (Urumqi) Branch, President of Chongqing Branch, General Manager of Corporate and Institutional Business Department of Bank of Communications, and Business Director (Corporate and Institutional Business Segment) of Bank of Communications.
(Fu Wanjun, source: official website of the State Administration of Financial Supervision and Administration)
In March 2019, he was appointed as the Deputy General Manager of Everbright Group, and in June 2021, he was appointed as an Executive Director of Everbright Group and an Executive Director and President of Everbright Bank.
Fu Wanjun is well versed in the bank's business and development trends. "Under the influence of factors such as the continuous reduction of LPR (loan prime rate), the net interest margin of the banking industry as a whole has declined rapidly, and the net interest margin of the Agricultural Bank of China has also shown an industry-wide downward trend. Fu Wanjun, then president of the Agricultural Bank of China, said at the 2022 annual general meeting of shareholders held on the afternoon of June 29.
For future development, Fu Wanjun said at the time that he would focus on the theme of high-quality development, continue to make efforts in advantageous business areas and key directions of business transformation, continuously enhance differentiated competitive advantages, and provide shareholders with long-term stable returns.
First, we will continue to improve the quality and efficiency of serving the real economy and maintain the steady and sustained growth of total credit. The second is to further optimize the coordinated management of volume and price, and promote the interest rate spread in a reasonable range. We will continue to coordinate and coordinate volume and price, optimize the authorization of differentiated pricing of loans, strengthen the control of interest payment costs, ensure the stability of liabilities, and strive to maintain a reasonable level of interest margins.
The third is to accelerate the high-quality development of intermediate business and steadily increase the proportion of non-interest income contribution. Fourth, maintain the overall stability of asset quality and reasonably control credit costs.
In November 2023, Fu Wanjun also published an article in China Finance to discuss inclusive financial business. He said that large banks should earnestly shoulder the responsibility of the "national team" of inclusive finance, actively explore practice, take the lead in leading development, encourage the export of relevant experience and technological achievements, and contribute to the overall healthy development of inclusive finance. Joint-stock banks and rural commercial banks can increase business innovation, balance the layout of institutional outlets, create differentiated and exclusive product and service systems, and improve the level of inclusive financial services. Local corporate banks can focus on the grassroots, insist on serving the local community, serving the villages, and returning to the origin of inclusive financial business.
In terms of strengthening the support of the policy environment for inclusive finance, Fu Wanjun said that he will give full play to the guiding role of the government in system design, financial infrastructure construction, policy support, etc., and continue to strengthen policy support in the field of inclusive finance. Continue to advance the establishment of the credit information system, strengthen the integration and interconnection of information on all types of platforms, advance the standardization and management of data, accelerate the establishment of supporting technical standards and norms for the use of data, and complete mechanisms for data sharing.
He also suggested that the guarantee credit enhancement and risk sharing mechanism should be further improved, and the government financing guarantee institutions should be promoted to play a greater role. Implement differentiated supervision in inclusive financial business innovation, give certain opportunities for error tolerance and correction for mistakes in innovation and development, and protect the entrepreneurial enthusiasm of officers. Strengthen the supervision of digital finance, accelerate the improvement of an effective basic regulatory system in view of the characteristics of digital financial risks, and escort the healthy development of digital inclusive finance.
Five directors of the FSC
Among the five directors of the current State Administration of Financial Supervision and Administration, in addition to Fu Wanjun, Li Yunze also has a background in working in a large state-owned bank.
In September 1970, Li Yunze was born in Yantai, Shandong. In July 1993, after graduating, 23-year-old Li Yunze chose to join the Chinese People's Construction Bank Tianjin Heping Branch Meteorological Observatory Road Savings Office and Business Office Cadre. In March 1996, the Chinese Construction Bank was renamed China Construction Bank, and he was the deputy director of the South Gate Branch of the Tianjin Heping Branch.
Since then, Li Yunze has served as Vice President and member of the Party Committee of Tianjin Branch of China Construction Bank, General Manager of Strategic Planning and Equity Investment Department of China Construction Bank, President and Secretary of the Party Committee of Chongqing Branch of China Construction Bank. From July 2016 to September 2018, Li Yunze served as Vice President and member of the Party Committee of Industrial and Commercial Bank of China.
In September 2018, Li Yunze went south to serve as Vice Governor and member of the Party Leadership Group of the Sichuan Provincial People's Government, and in May 2022, he served as a member of the Standing Committee of the Sichuan Provincial Party Committee, Vice Governor and Deputy Secretary of the Party Leadership Group of the Sichuan Provincial Government. He is responsible for the general work of the provincial government, foreign affairs, national defense science and industry, development and reform (food and material reserves, energy), finance and taxation, statistics, finance, emergency management, production safety, government affairs, comprehensive government services, etc. Assist the provincial governor in charge of audit work, etc.
(Source: Collation of public materials)
Xiao Yuanqi and Cong Cong are senior regulators. Since 1990, Xiao Yuanqi has served as a cadre and director of the Foreign Affairs Bureau of the People's Bank of China, the Department of Management of Foreign Financial Institutions, and the First Department of Banking Supervision, and has worked in the Representative Office of the People's Bank of China in the Americas and the Monetary Authority of Macao for nearly five years.
In 2003 and for a considerable period of time thereafter, Xiao Yuanqi served as the Director of the World Trade Organization Division of the Third Department of Banking Supervision of the China Banking Regulatory Commission, a member of the Party Committee and Deputy Director of the Guangdong Supervision Bureau, the Deputy Director of the Second Department of Banking Supervision, the Secretary of the Party Committee and the Director of the Chongqing Supervision Bureau, the Director of the Second Department of Banking Supervision, the Director of the First Department of Banking Supervision, the Director of the Bureau of Prudential Regulation, and the Director, Chief Risk Officer and Spokesperson of the General Office of the China Banking and Insurance Regulatory Commission (Party Committee Office).
From February 2021 to May 2023, he served as Vice Chairman and member of the Party Committee of the China Banking and Insurance Regulatory Commission. In May 2023, he was appointed as a member of the Party Committee and Deputy Director General of the State Administration of Financial Supervision and Administration.
Cong Cong is the only woman among the five bureau chiefs, and she has served as deputy director of the Department of Finance and Financial Law of the Legislative Affairs Office of the State Council, deputy director of the law and regulation department of the former China Insurance Regulatory Commission, director of the regulatory department of the China Insurance Regulatory Commission, and director of the regulatory department of the China Banking and Insurance Regulatory Commission after the merger of the China Banking Regulatory Commission and the former China Insurance Regulatory Commission.
In August 2019, she went to the local government to serve as Secretary of the Party Committee and Director General of the Fujian Banking and Insurance Regulatory Bureau, Vice Chairman of the China Banking and Insurance Regulatory Commission from December 2022 to May 2023, and Member of the Party Committee and Deputy Director General of the State Administration of Financial Supervision and Administration in May 2023.
Zhou Liang also has a rich resume. Since 1996, he has successively worked in the General Office of the Guangdong Provincial Government, the Office of the State Council, the General Office of the Hainan Provincial Party Committee, the General Office of the Beijing Municipal Government, the Central Commission for Discipline Inspection and other units.
In November 2017, Zhou Liang was appointed as Vice Chairman and Member of the Party Committee of the China Banking Regulatory Commission, in March 2018, as Vice Chairman and Member of the Party Committee of the China Banking and Insurance Regulatory Commission, and in May 2023, as a Member of the Party Committee and Deputy Director General of the State Administration of Financial Supervision and Administration.
(The author is a reporter from Caijing)