China's new stock regulator faces old problems

A new stock market regulator chief could give China's beleaguered shares a short-term lift, but analysts say Liu Shiyu faces the same old problems as his ousted predecessor: shattered market confidence and the need for sweeping reforms. Xiao Gang was dismissed as chairman of the China Securities Regulatory Commission (CSRC), state media reported Saturday, after a three-year tenure that saw a debt-fuelled stock bubble burst and the botched implementation of a market "circuit breaker" last month.