Tseng Ming-chung appointed as the new chairman for Taiwan’s FSC
30 July 2013
News, Asia, Taiwan
By Hui Ching-hoo
Taiwan’s executive body Executive Yuan announced the government’s cabinet reshuffle on Monday (July 29) at which Tseng Ming-chung, political deputy minister of Ministry of Finance, has been named to replace Yuh Chang Chen as chairman of Financial Supervisory Commission (FSC).
FSC said in a statement that Mr. Chen spared no effort to push ahead with the development of Taiwan’s financial market since he led the commission in 2010 with the launch of many significant initiatives such as the opening up of RMB businesses and developing cross-strait financial platform.
Before joining the Ministry of Finance, Mr. Tseng held various senior positions in Taiwan Cooperative Bank and FSC.
Bloomberg cited market practitioners as saying that Mr. Chen’s stance was conservative and anti-reform. Taiwan’s financial sector reform has progressed at a snail’s pace because of stringent regulations.
The cabinet reshuffle involves several new appointments of ministers for Overseas Chinese Affairs Council, Veterans Affair Commission, Council of Indigenous People, Ministry of Defense, the Public Construction Commission and FSC.
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