One of China`s biggest ?official supporters of a free market has returned to Beijing to head the country`s banking industry watchdog to oversee a huge industry plagued by rising bad loans and thinning profits.
The regulator`s present head, Shang Fulin, 66, will take up a post at the country`s main political advisory body, according to ?Caixin.
Securities and insurance regulators have already pledged to take action against "big crocodiles" ? speculators accused of manipulating financial markets.
More from the South China Morning Post:China`s muddled regulatory battlefront against stock market `monsters`China`s stock market regulator vows to `capture` more tycoonsChina`s small cities to lead home sales growthGuo`s job will give him a central role in implementing the government`s plans to shake up the financial industry.
Guo, 60, has been governor of Shandong for the past four years and was at the China Banking Regulatory Commission on Friday to take up his new role, state media ?reported.
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