Meet China’s Stock Savior: He Never Saw the Crash Coming
Nie Qingping, General Manager of China Securities Finance Corporation Ltd., at a seminar in Wuhan. Photographer: Imaginechina
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After China’s stocks crashed in June, the government put more than $400 billion at the disposal of a little-known state agency, the China Securities Finance Corp., headed by an academic and bureaucrat named Nie Qingping. It was told to save the market.
The agency’s unique mandate is to intervene in the market to buy stocks, with money borrowed from the central bank and other sources, in order to help prop up share prices. With the recent volatility evidenced by another crash on July 27, its success so far isn’t readily apparent.