SHANGHAI — As a top stock market regulator, Guo Shuqing cemented a reputation as an economic reformer who tried to bring market-oriented changes to China’s fraud-ridden and heavily politicized financial system.
上海——郭树清作为经济改革者的声誉，是在他担任股票市场最高监管官员时树立起来的，当时他试图把以市场为导向的变革引入中国充满欺诈和严重政治化的金融系统。
During just 17 months in the role, he issued 80 major directives, moving to stop chronic insider trading, curb market manipulation and remove barriers for foreign investors. It earned him the occasional nickname Whirlwind Guo.
在担任证监会主席的短短17个月里，他发布了80条重要指示，旨在阻止长期存在的内幕交易问题，遏制操纵市场的行为，以及消除对外国投资者设置的障碍。这些做法使得人们有时将他称为“郭旋风”。
Now Mr. Guo has returned to Beijing to tackle an even bigger problem: the murky, debt-laden Chinese banking system.
现在，郭树清已回到北京来解决一个更大的问题：不清不白且负债沉重的中国银行系统。

On Friday the state news media said that he was named chairman of the China Banking Regulatory Commission, succeeding Shang Fulin, who had reached the mandatory retirement age of 65. The Chinese commercial news media widely reported and filmed Mr. Guo’s arrival at that agency on Friday morning, where he was greeted by Mr. Shang.
中国官方新闻媒体上周五称，他被任命为中国银行业监督管理委员会主席，接替已达到65岁强制退休年龄的尚福林。中国商业新闻媒体大量报道了这条消息，并拍摄了郭树清上周五早晨到该机构上班、受到尚福林欢迎的录像。
Mr. Guo’s appointment offers a sign that China is taking a financial overhaul seriously, though it was made among other moves that could send mixed signals about that commitment. The stakes are high: Experts widely believe that China’s weak financial system is holding back its economy, the world’s second largest.
郭树清的任命提供了一个迹象，表明中国正在严肃对待金融改革问题，虽然这个任命的同时所采取的一些其他举措，可能使得对改革的承诺发出的信号不明确。改革面临的风险很大：专家们普遍认为，中国软弱无力的金融系统阻碍着中国经济的发展，中国是世界上的第二大经济体。
China is trying to broaden its economy beyond its traditional dependence on manufacturing, but its financial system still operates on a state-directed lend-and-spend model that has generated alarming amounts of debt even as it hinders money from reaching entrepreneurs.
中国正在努力把经济扩展到超越传统上依赖的制造业之外，但中国的金融体系仍按照以国家为导向的借贷花钱的模式运行，这种模式已经产生了惊人的债务，尽管其阻碍了企业家获得资金。
Bad loans are widely expected to soar as the economy continues to slow. At the same time, banks have become increasingly dependent on raising money through often speculative investment products that they keep off their balance sheets, making it hard to assess the risks they pose to financial stability.
随着经济继续放缓，人们普遍预计坏账会飙升。与此同时，银行越来越多地依赖用往往是投机性的投资产品来筹集资金，这类产品并不出现在银行的资产负债表上，让人难以评估它们给金融稳定性带来的风险。
Yet other appointments suggested a commitment to the status quo. The state news media on Friday said the No. 2 officials at the National Development and Reform Commission, China’s top economic planning body, and the Ministry of Commerce, which oversees trade, among other things, were named to succeed their retiring bosses, who were also 65.
但是，其他的任命暗示了维持现状的承诺。国家新闻媒体上周五称，中国的最高经济规划机构国家发展和改革委员会的第二把手和商务部的第二把手，将分别接替这两个部委即将退休的、现年65岁的一把手。
The choice to run the National Development and Reform Commission, He Lifeng, served from 2009 to 2012 as the deputy secretary of Tianjin. He helped oversee the construction of a forest of office and residential skyscrapers at the city’s fringes that have barely been occupied and have become one of the many symbols of China’s dependence on investment-led growth that is often wasteful.
何立峰被任命为国家发展和改革委员会的主任，他曾于2009年至2012年担任天津市委副书记。在他的主管下，天津在城市边缘地区建设了成片的办公楼和住宅摩天大厦，这些建筑一直几乎空着，并已成为中国依赖投资主导型增长的许多标志之一，这种经济增长模式往往制造很多的浪费。
China could signal its commitment to a financial overhaul with any changes at the top of its central bank, the People’s Bank of China. Zhou Xiaochuan, widely considered a reformist voice in China, is more than two years past retirement age, so predicting his departure has become a popular parlor game in China’s financial world. Appointing Yi Gang, Mr. Zhou’s deputy, to the top could be seen as an endorsement of Mr. Zhou’s gentle advocacy of reform, though elevating Mr. Yi could also reflect Beijing’s lack of interest in rocking the boat.
中国可以通过更换央行、即中国人民银行的领导人来表示其对金融改革的承诺。普遍被认为代表中国改革派声音的央行行长周小川已超过退休年龄两年有余，因此，预测他何时离任，已经成为中国金融界内一种流行的猜谜游戏。任命周小川的副手易纲担任央行行长将会被看作是对周小川温和倡导改革的一种认可，虽然易纲的晋升也会反映北京对打破现状不感兴趣。
The shuffle comes at a delicate time for China’s financial leadership. Its competence was called into question in 2015, when conflicting signals contributed to a stock market crash and increased government controls. Experts say either the banking commission or the central bank could get added responsibilities should China try to streamline financial regulation.
这次调整，对中国金融领导层来说发生在一个微妙的时刻。金融领导层的能力在2015年受到质疑，当时，矛盾的信号导致了股市的崩溃，并导致政府加大了控制。专家表示，如果中国试图简化金融监管的话，银监会或中央银行的职能可能会增加。
Mr. Guo faces an immediate challenge in reasserting the authority of the banking commission, also known as the C.B.R.C. Like the Federal Reserve in the United States, the Chinese central bank has clawed away from banking regulators a considerable part of their authority to oversee whether banks are lending prudently. The Chinese central bank has also played an increasingly critical role in fighting money laundering and capital flight.
郭树清在维护银监会的权威上面临着一个直接的挑战。与美国的联邦储备委员会一样，为了监督银行是否谨慎借贷，中国央行已经从银行监管机构那里拿走了相当一部分权力。中国央行在打击洗钱和资本外流方面也在发挥越来越重要的作用。
“An appointment as the head of the C.B.R.C. today is not as significant as the same appointment five years ago because the People’s Bank of China has taken over many of the regulatory oversight tasks,” said Victor Shih, a specialist in Chinese finance and factional politics at the University of California at San Diego.
“如今被任命为银监会主席，不像五年前同样的任命那样重要，因为中国人民银行已经接管了许多监管任务，”加州大学圣地亚哥分校中国金融和派系政治方面的专家史宗瀚(Victor Shih)说。
China could tip its hand on that matter after the annual gathering of the National People’s Congress, its top lawmaking body, which begins March 5. It may then hold a top-level financial work conference in April on reorganization that was originally planned for January or February.
中国可能在一年一度的全国人民代表大会之后对金融改革摊牌，这个全国最高立法机构的会议将于3月5日召开。那之后，中国可能在4月份召开原计划于1月或2月举行的有关重组问题的高级金融工作会议。
Some experts viewed the recall of Mr. Guo to Beijing as a sign that policy changes are coming. “It’s probably a signal for fundamental reforms in China’s financial regulatory framework,” said Zhu Ning, a Tsinghua University economist.
一些专家认为，郭树清被召回北京是政策变化即将出台的迹象。清华大学经济学家朱宁说，“这可能是中国金融监管框架发生根本改革的信号。”
Mr. Guo could be in a good position to argue that the China Banking Regulatory Commission should have greater authority. He missed the spectacular plunge of the Chinese stock markets in 2015, the blame for which fell in part on his successor.
郭树清也许处于有利的地位，来争辩中国银行业监督管理委员会应该有更大的权威。他错过了2015年中国股市令人惊叹的大跌，股市大跌的责任部分地落在了他的继任者的头上。
In a country where officials tend to either have political experience in running provinces, or economic and financial experience in working at regulatory agencies and state-controlled banks in Beijing, Mr. Guo is a rare example of someone who has done both. He served as a deputy governor of impoverished Guizhou Province in the late 1990s, then as director of the State Administration of Foreign Exchange. He then became the chairman of the China Construction Bank, one of China’s four main banks, from 2005.
中国的官员们通常或是通过管理省级部门获得政治经验，或是通过在北京的监管机构和国有银行工作获得经济和金融经验，而郭树清是官员中一个很少见的例子，他有这两方面的经验。他曾在1990年代末担任贫困的贵州省的副省长，之后曾担任国家外汇管理局局长。他从2005年起担任中国四大银行之一的中国建设银行的董事长。
He took the top job at the China Securities Regulatory Commission, the top stock market regulator, in late 2011, unleashing a fury of reform efforts in just 17 months. Then just as quickly, he was gone, sent south to coastal Shandong Province as the acting governor.
2011年底，他出任中国证券监督管理委员会主席，证监会是监管股票市场的最高机构，并在短短17个月里发动了一场大改革。然后他以同样快的速度离任，被派往山东省担任代理省长。
Rather than a setback to his career, it was another way to develop his economic and political chops. Within months, he rose to become the governor of Shandong Province, helping clean up the financial sector there.
但这并不是他职业生涯上的挫折，而是让他展示自己的经济和政治能力的又一种方式。几个月后，他成为山东省省长，帮助清理了山东省的金融行业。
Political analysts had said that Mr. Guo might stay in Shandong and be promoted to Communist Party secretary, the top job, above even the governor.
政治分析人士曾表示，郭树清也许会留在山东，担任省委书记，那是高于省长的省级最高职位。
Previous party secretaries of Shandong, a large and economically important province, have sometimes joined the Politburo, a top Communist Party leadership group, and gone on to become vice premiers with broad economic powers. Vice premiers are much more important in China than the governor of the central bank, because the central bank has no political independence in China and answers to the cabinet.
山东是中国的一个大省，有重要的经济地位，担任过山东省省长的人，有时能进入中国共产党的最高领导层政治局，继而担任具有广泛经济实权的副总理。在中国，副总理比中央银行行长更重要，因为央行在中国没有政治独立性，而是听命于国务院。
Time may be running out for Mr. Guo, who will turn 61 this year. The ministers who run the central bank and the main regulatory commissions typically retire at 65, making it harder for Mr. Guo to do a stint at the banking commission and then move on to another senior position.
郭树清的时间可能不多了，他今年将满61岁。央行行长和主要监管委员会的主席通常都是65岁退休，这让郭树清在担任银监会主席后担任另外的高级职位变得有困难。