Xiao Gang
Xiao Gang | |
|---|---|
| Born | 1958 Ji'an, Jiangxi, China |
| Occupation(s) | Banker, Financial regulator |
| Years active | 1981–present |
| Known for | Chairman of China Securities Regulatory Commission (2013–2016), Chairman of Bank of China Limited, Deputy Governor of People's Bank of China |
Xiao Gang (; born in 1958 in Ji'an, Jiangxi) held the position of chairman at the China Securities Regulatory Commission from March 2013 until February 2016. Prior to this, he led the boards of both Bank of China Limited and Bank of China (Hong Kong) Limited and served as deputy governor of the People's Bank of China, significantly influencing reforms within China's banking industry.
Biography
Xiao completed his undergraduate studies at Hunan Institute of Finance and Economics in 1981 and later obtained a master's degree in International Economic Law from Renmin University of China in 1996.
Beginning his career at the People's Bank of China in 1981, he advanced through various positions such as director of research, head of the foreign exchange trading center, assistant governor in 1996, and deputy governor from 1998 to 2003. Additionally, he was a member of the Currency Policy Committee until 2003.
In March 2003, Xiao was named chairman of the board for Bank of China Limited. A decade later, in March 2013, he assumed leadership as chairman of the China Securities Regulatory Commission. His leadership concluded amid widespread criticism following the stock market crash between July and August 2015, which involved a 28% market decline and considerable investor losses linked to speculative bubbles during his administration. Despite facing scrutiny, state media endorsed his policies aimed at rapid expansion.
Xiao resigned from his role as CSRC chairman on 20 February 2016. Presently, he holds the position of Non-Resident Senior Fellow at the China Finance 40 Forum (CF40).
Family
Xiao Gang is married to Wu Touhong (born 1959), an alumna of Hunan Institute of Finance and Economics who formerly served as CFO at China Minsheng Banking Corp., Ltd. The couple has two sons: Xiao Haojie (Michael), who previously sat on the board of GF Securities, and Xiao Nan (Leo), who completed an MBA at UCLA Anderson School of Management.
Distinguished by allowing his hair to turn grey naturally, Xiao stands out among Chinese officials who commonly dye their hair black.