SINGAPORE/BEIJING – As China struggles to deal with the slowdown of its economy, it has embarked on a new strategy of placing financial experts in provinces to manage risks and rebuild regional economies.
Since 2018, President Xi Jinping has put 12 former executives at state-run financial institutions or regulators in top posts across China’s 31 provinces, regions and municipalities, including some who have grappled with banking and debt difficulties that have raised fears of financial meltdown.
Only two top provincial officials had such financial background before the last big leadership reshuffle in 2012.
Among financial experts recently promoted is Beijing vice mayor Yin Yong, a former deputy central bank governor, and Shandong deputy provincial governor Liu Qiang, who rose through the country’s biggest commercial banks, from Agricultural Bank of China to Bank of China.
Another newly promoted official, Chongqing vice mayor Li Bo, had until this year led the central bank’s monetary policy department.
The appointments – overseeing economies larger than those of small countries – would appear to put those officials in the fast lane as China prepares a personnel reshuffle in 2022, when about half of the 25 members of the Politburo could be replaced, including Liu He, a vice-premier who is leading economic reform while doubling as chief negotiator in United States trade talks. (Reuters)
