The Chinese government in Beijing has removed the country’s securities regulator amid a steep drop in the domestic stock market over the past year.
State media within China is reporting that Yi Huiman has been removed as head of the China Securities Regulatory Commission.
Huiman is being replaced as China’s top securities regulator by Wu Qing, a veteran of the agency who previously ran the Shanghai Stock Exchange.
The change reportedly came after Chinese President Xi Jinping met with stock market regulators on Feb. 6 to discuss the continued decline in stock prices.
The Shanghai Composite Index, China’s main bourse, has declined 12% over the last year, including a 5% decrease so far in 2024. The index recently closed at its lowest level in four years.
China’s government has vowed to take steps to bolster the slumping stock market, news that has led to a 5% gain in Chinese stocks in recent days.
China’s citizens have publicly complained about the decrease in the stock market, which is where many of the nation’s 1.4 billion people have their savings invested.