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New governor for China's central bank.

 

China

Zhu Hexin, one of China’s top com­mer­cial bankers, is under con­sid­er­a­tion to take over as the gov­ernor of the cent­ral bank, as Beijing pre­pares to over­haul the lead­er­ship of its lead­ing fin­an­cial insti­tu­tions next month.

If his nom­in­a­tion is con­firmed, Zhu, the chair of the state-owned con­glom­er­ate Citic Group, would suc­ceed Yi Gang as gov­ernor of the People’s Bank of China, two people famil­iar with the pro­cess said.

It also fol­lows a Com­mun­ist party con­fer­ence in Octo­ber, in which Xi was able to appoint loy­al­ists to the Polit­buro stand­ing com­mit­tee, the party’s most senior decision-mak­ing body.

Apart from a pan­demic blip in 2020, when gross domestic product expan­ded just 2.2 per cent, China’s growth rate last year of 3 per cent was the slow­est since 1976.

Among other appoint­ments expec­ted to be announced at next month’s legis­lat­ive meet­ing, Wu Qing, the Shang­hai vice-mayor who super­vises the fin­an­cial and busi­ness affairs of China’s fin­an­cial hub, is the lead­ing can­did­ate to head the coun­try’s secur­it­ies watch­dog, the China Secur­it­ies Reg­u­lat­ory Com­mis­sion.

Yi Hui­man, CSRC chair, is among the favour­ites to take over at the China Bank­ing and Insur­ance Reg­u­lat­ory Com­mis­sion, the bank­ing reg­u­lator, accord­ing to a per­son famil­iar with the pro­cess.

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  1. Simon24 February 2023 at 11:13

    Why are they changing leadership? Is the old governor not performing well? Is he retiring? Is it because of their slow growth rate?

    ReplyDelete
    Replies
    1. Tom24 February 2023 at 13:59

      It's probably mostly because of their very slow growth rate the past few years. But that is mainly because of China for their zero-Covid madness. It didn't work (and we all knew it wouldn't) and it ruined their economy for the short term.

      Delete

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