Xiang Junbo (born 1957)
is the former chairman of the China Insurance Regulatory Commission (CIRC).
He was previously chairman of the Agricultural Bank of China Limited (starting in January 2009).[1] He obtained a Ph.D. in law from Peking University.
In February 2014, The New York Times reported that Xiang made a direct job plea to JPMorgan Chase Chief Jamie Dimon for daughter of a close friend.[2]
On April 9, 2017, Xiang was placed under investigation by the Central Commission for Discipline Inspection of the Communist Party of China for "serious violations of regulations".[3] Xiang was expelled from the Communist Party on September 23, 2017.[4]
The China Insurance Regulatory Commission (CIRC) was an agency of China authorized by the State Council to regulate the Chinese insurance products and services market and maintain legal and stable operations of insurance industry. It was founded on November 18, 1998, upgraded from a semi-ministerial to a ministerial institution in 2003, and currently has 31 local offices in every province.
On 17 March 2018, the 13th National People's Congress announced a plan to overhaul China's financial regulatory system. The China Insurance Regulatory Commission (CIRC), and the banking regulator, the China Banking Regulatory Commission (CBRC), were merged into the China Banking and Insurance Regulatory Commission (CBIRC) with an aim to resolve problems such as unclear responsibilities and cross-regulation. The CBIRC was officially established on 8 April 2018.
