He was previously chairman of the Shanghai Stock Exchange. He was appointed to that position in May of 2016, replacing Gui Minjie. He joined the exchange in the aftermath of the 2015 Chinese stock market crash and a series of failed efforts at market reforms in China. 
In July 2023, he was appointed deputy Party secretary of Shanghai.
Prior to his experiences in Shanghai, Wu worked at different CSRC departments, including those overseeing financial institutions, securities companies' risk management and funds. During his previous term of office at the CSRC in the mid-2000s, he was known for cracking down on violations by securities companies and insider trading by mutual fund companies. This crackdown earned him the nickname “the broker butcher”.
He is a member of the CPC Shanghai Municipal Committee and a representative of the 14th Shanghai Municipal People's Congress. He has worked closely with Chinese Premier Li Qiang, who was previously party secretary of the nation’s financial capital.
From 1992-2010, Wu held various positions at the China Securities Regulatory Commission, most recently as director general of the Intermediary Supervision Department. In that role in 2009 he directed a nationwide clean-up effort by the CSRC to investigate suspicious trades by mutual funds.
From 2010-2011 he was deputy chief of the Hongkou District Government in Shanghai, deputy governor and acting governor of the Hongkou District. He was governor of the Hongkou district from 2011-2013 and then chief executive of the Hongkou District Government from 2013-2016.
He has a Bachelor’s degree in economics from Shanghai University of Finance and Economics, a Master’s degree in economics and doctorate from Renmin University of China, and an MBA degree from the University of Cambridge.
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