Last year, the insurance and securities sectors in China were tightly regulated; will the new chairman of China Banking Regulatory Commission (CBRC) tackle the banking system too, especially on the shadow banks? We believe that the as China's exogenous force to push for financial reform in its special period, shadow banks have been an important channel of making the real economy a virtual one, and accumulated financial risks. The new CBRC chairman Guo Shuqing will continue the regulatory policy on the shadow banking business, and concerning the shadow bank institution regulations, he will steadily and gradually promote uniform multi-agency supervision of uniform to prevent regulatory arbitrage, and to make shadow banks no longer "shadows".