After 9 years, the central bank welcomes female deputy governors again!

Every reporter: Xiao Shiqing Every editor: Zhang Yiming

Following Wu Xiaoling and Hu Xiaolian, the central bank has added a female deputy governor after 9 years.

On March 27, the State Council appointed and dismissed state functionaries and appointed Tao Ling as deputy governor of the central bank. Before becoming deputy governor, she served as deputy director of the Financial Stability Bureau of the Central Bank and director of the Secretariat of the Office of the Financial Commission of the Central Bank.

According to public information, Tao Ling was born in November 1971 and is 52 years old, with a postgraduate degree and a doctorate degree in law. At present, the "Bank Leader" column on the official website of the central bank has updated Tao Ling's job information. With the arrival of Tao Ling, the central bank has formed a leadership situation of "one principal and five deputies", namely: Governor Pan Gongsheng, and the five deputy governors are Zhu Hexin, Zhang Qingsong, Xuan Changneng, Lu Lei, and Tao Ling.

Image source: Central Bank website

After 9 years, the central bank welcomes female deputy governors again

The reporter noted that this is the first time in 9 years that the central bank has ushered in a female deputy governor. In July 2009, Hu Xiaolian served as deputy governor of the central bank, and in February 2015, he was transferred to the Export-Import Bank of China as party secretary and chairman. She is currently the Vice Chairman of the China Center for International Economic Exchanges.

Before Hu Xiaolian, Wu Xiaoling also served as deputy governor of the central bank. Wu Xiaoling was appointed Deputy Governor of the People's Bank of China and Director of the State Administration of Foreign Exchange in 2000 and Deputy Governor of the People's Bank of China on December 23, 2007.

Image source: Central Bank website

It is worth noting that Hu Xiaolian and Wu Xiaoling also held other positions in the central bank system before becoming deputy governors. For example, Hu Xiaolian was a member of the Party Committee of the People's Bank of China and director of the State Administration of Foreign Exchange, and Wu Xiaoling was director of the State Administration of Foreign Exchange and president of the Shanghai branch of the People's Bank of China.

Tao Ling is no exception, having served as Deputy Director General of the Financial Stability Bureau of the People's Bank of China and Director of the Secretariat of the Office of the Financial Services Commission of the People's Bank of China. The reporter noted that the "Plan for the Reform of Party and State Institutions" in 2023 was announced, the Central Financial Commission was established, and the Central Financial Office was established as the office of the Central Financial Commission and included in the sequence of Party Central Institutions.

At the same time, the Central Financial Working Committee was established as an organ dispatched by the Party Central Committee and co-located with the Central Financial Office. With the establishment of the Central Financial Commission and the Central Financial Working Committee, the Financial Commission of the State Council and its offices will no longer be retained. The Secretariat of the Financial Commission of the State Council, formerly established in the People's Bank of China, was transferred to the Central Financial Office.

It has been pointed out that "undue interference by administrative forces in the allocation of resources, etc. should be avoided"

The reporter noted that Tao Ling had published a signed article entitled "Design and Effect Analysis of the Coordination Mechanism of Central and Local Financial Supervision" in the "Policy Research of the People's Bank of China".

The article points out that in recent years, local governments have made positive progress in the process of participating in financial supervision, but it has also exposed the following major problems: First, the deviation of regulatory objectives. The primary goal of financial supervision is to prevent financial risks and protect the legitimate rights and interests of depositors and investors, but some places focus more on promoting regional economic and financial development, mainly carrying out the introduction of financial institutions, obtaining credit, bond issuance and stock listing resources for local enterprises, while there are weaknesses and loopholes in local financial supervision and financial risk disposal due to lack of manpower and other reasons;

Second, the boundaries of regulatory authority are not clear. In the past, the division of responsibilities between the central financial management department and local financial supervision was not clear for the identification of the nature and supervision of some complex financial activities, and there was a vague area of local financial regulatory authority, and some substantive financial activities were free from supervision.

Third, there is a mismatch in regulatory capacity. The local financial supervision professional manpower is insufficient, the regulatory means are insufficient, and the adaptability of regulatory capabilities to financial activities and financial risk situation is insufficient;

Fourth, the implementation of risk disposal responsibilities is not in place. Subject to subjective and objective constraints such as insufficient understanding of financial risks and limited financial resources, some localities do not take the initiative to deal with risks enough, and some financial risks are often difficult to contain and resolve in a timely manner, resulting in higher costs of economic, financial and social stability for subsequent disposal.

In view of the above problems, Tao Ling believes that the responsibilities of financial supervision and risk handling undertaken by local governments should be clarified, the scope, authority and responsibility of local financial supervision should be determined, and a regulatory pattern with definite connotations and clear boundaries should be formed. At the same time, it is necessary to properly handle the relationship between supervision and development, and avoid improper interference by administrative forces in market operations and resource allocation.

National Business Daily