Financial officials changed in major reshuffle

Retirement age key reason for senior figures leaving office

BEIJING - New banking, securities and insurance regulators have been appointed in the biggest reshuffle of financial officials for almost a decade.

Shang Fulin, 59, former chairman of the China Securities Regulatory Commission (CSRC), replaces Liu Mingkang, 65, as chairman of the China Banking Regulatory Commission, according to the Xinhua News Agency which quoted an unidentified spokesman with the Communist Party of China (CPC) Central Committee's Organization Department as saying on Saturday.