Towards the end of the year, personnel adjustments in the financial system continued. According to the website of the Ministry of Human Resources and Social Security on December 26, the State Council appointed and dismissed state functionaries: Lu Lei was appointed deputy governor of the People's Bank of China; Fu Wanjun was appointed deputy director of the State Financial Supervision Administration; Liu Guoqiang was removed from the post of deputy governor of the People's Bank of China; and Lu Lei was removed from the post of deputy director of the State Administration of Foreign Exchange.
Lu Lei: A professional cadre who grew up in the central bank system
Born in November 1970, Lu Lei, 53 years old, is a cadre trained in the central bank system, has worked in the central bank system for 16 years, and has been immersed in academia for many years.
After graduating from Guanghua School of Management of Peking University in 1996 with a master's degree, Lu Lei worked in the Policy Research Office of the People's Bank of China, the Research Bureau of the People's Bank of China, and obtained a doctorate in economics from the Graduate School of the People's Bank of China. During this period, he also collaborated with Xie Ping, then director of the Research Bureau, to complete the research project "Economic Analysis of Financial Corruption in China: An Analysis of Institutions, Behaviors and Mechanisms", which won the 11th Sun Yefang Economic Science Award.
After leaving the PBOC in August 2003, he first served as a senior researcher and assistant to the general manager of the research department of China Merchants Bank, and then entered academia. In 2005, he became a professor at the School of Management, Sun Yat-sen University. In 2006, he joined Guangdong University of Finance, where he also served as the Director of the Financial Transformation and Development Research Center and the Director of the South China Institute of Finance.
In January 2010, Lu Lei was appointed as the vice president and acting dean of Guangdong University of Finance, and in July 2012, he was appointed as the president and deputy secretary of the Party Committee of Guangdong University of Finance (department and bureau level). In March 2014, Lu Lei returned to the central bank after an 11-year absence, serving as director of the People's Bank of China Research Bureau, and later transferred to the People's Bank of China Financial Stability Bureau. In June 2017, he was appointed Deputy Director General of the State Administration of Foreign Exchange and a member of the Party Leadership Group.
Since the beginning of this year, Lu Lei has spoken in public many times, covering topics such as monetary policy, digital currency, and macroeconomic control.
On December 13, Lu Lei said at the 2023-2024 China Economic Annual Conference held at the China Center for International Economic Exchanges that with the transformation of the economic structure and the return of finance to its origins, credit investment will be adjusted accordingly. Credit to real estate and local financing platforms, which used to be relatively large, may decline, while the increment and proportion of loans in key areas such as scientific and technological innovation, manufacturing, green development, and inclusive small and micro enterprises have increased significantly. The proportion of direct financing will also increase in the future. Lu Lei also said that in the next stage, it is necessary to actively revitalize the financial resources that are occupied by inefficiency and improve the efficiency of capital use.
Focusing on central bank digital currency, Lu Lei emphasized at the 2023 China (Beijing) Digital Finance Forum that it is necessary to always maintain a focus on risks, especially non-traditional risks, that is, new challenges brought by technological innovation to the financial industry. The application of digital technology in the financial field may make the financial industry face problems such as information trust, privacy protection, data gap and financial exclusion, and high-frequency intelligent trading may be correlated with financial market fluctuations, which is also worthy of attention and research.
Talking about macroeconomic policy regulation, Lu Lei pointed out at the Boao Forum for Asia Annual Conference 2023 that in order to strike a balance between price stability, financial stability and economic growth, we should pay attention to liquidity. Because liquidity is continuous, open market operations can be adjusted according to the liquidity faced by the financial system as a whole, so that it is possible to observe whether the entire financial system has non-epidemic problems, but "by no means a central bank can solve all problems".
Liu Guoqiang, who stepped down as deputy governor of the People's Bank of China, was born in June 1963 and has reached the age of 60, and has worked in the office of the Central Leading Group for Financial and Economic Affairs for a long time, and later served as assistant to the governor of the People's Bank of China and deputy governor of the People's Bank of China.
The reporter noted that in the second half of this year, the leadership of the central bank and the State Administration of Foreign Exchange changed many times. In July this year, Pan Gongsheng became party secretary and governor of the People's Bank of China. In November this year, Zhu He was appointed as a member of the Party Committee of the People's Bank of China and secretary of the leading party group of the State Administration of Foreign Exchange, and then as deputy governor of the central bank and director of the State Administration of Foreign Exchange.
Fu Wanjun: Appointed deputy director of the State Administration of Financial Regulation, "one principal and four deputies" are complete
Fu Wanjun, who is two years older than Lu Lei, was born in 1968 and holds an executive MBA degree from Dalian University of Technology and is a senior economist. In the two years prior to his appointment, he served as President of China Everbright Bank and Agricultural Bank of China.
Since January 2023, Fu Wanjun has served as Vice Chairman, Executive Director and President of Agricultural Bank of China. Prior to that, he worked within the China Everbright Group for more than three years. In March 2019, he was appointed as the Deputy General Manager of China Everbright Group Co., Ltd., and in June 2021, he was appointed as an Executive Director of China Everbright Group Co., Ltd. and an Executive Director and President of China Everbright Bank.
On December 2, 2022, Everbright Bank announced that Fu Wanjun resigned as an executive director, chairman and member of the Risk Management Committee of the board of directors, chairman and member of the Inclusive Finance Development and Consumer Rights Protection Committee, member of the Strategy Committee and president of Everbright Bank due to work adjustments. The announcement also pointed out that Fu Wanjun has played an important role in organizing and promoting the construction of Everbright Bank as a first-class wealth management bank, serving the real economy, developing inclusive finance, supporting green and low-carbon, strengthening risk management and control, promoting digital transformation, and strengthening the protection of consumer rights and interests.
Prior to that, Fu Wanjun served as 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 Business Department of Bank of Communications, and Business Director (Corporate and Institutional Business Segment) of Bank of Communications.
At the 2022 annual results conference and the first half of 2023 results conference of Agricultural Bank of China, Fu Wanjun mainly responded to issues such as the bank's profit growth trend, downward pressure on interest margins, capital management, rural revitalization services, and digital transformation.
The State Administration of Financial Supervision was officially established in May this year. According to the "Three Plans", the General Administration has 1 director and 4 deputy directors, and the previous 4 deputy directors are Cao Yu, Zhou Liang, Xiao Yuanqi, and Cong Cong.
On December 9, Cao Yu stepped down as deputy director of the State Administration of Financial Supervision and Administration. It is reported that Cao Yu was born in November 1963 and has reached the age of 60. This time, Fu Wanjun fills the position, and the structure of "one positive and four deputies" is complete. At present, the members of the leading group of the State Administration of Financial Supervision are: Li Yunze, Secretary of the Party Committee and Director of the Bureau, Zhou Liang, Member of the Party Committee and Deputy Director, Wang Lujin, Member of the Party Committee and Head of the Discipline Inspection and Supervision Group of the Central Commission for Discipline Inspection and the State Supervision Commission in the State Financial Supervision and Administration Bureau, and Xiao Yuanqi, Cong Cong, and Fu Wanjun, members of the Party Committee and Deputy Directors of the State Financial Supervision and Administration Bureau.
Source: Bangongting