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China keeps central bank chief and finance minister in place

China keeps central bank chief and finance minister in place

China kept the governor of his central bank and to finance Minister in the annual session of Parliament, prioritizing continuity in the face of the economic challenges facing the country and abroad.

President Xi Jinping, who has appointed allies to key posts in the reshuffle of the government entering his third five-year term, broke with convention by keeping yi gang65 years old, as Governor of the People’s Bank of China (PBOC) already liu kun66 years old, as finance Minister. Both have reached the official retirement age of 65.

In the set of appointments there were fewer changes than expected, since most of the ministers retained their posts. However, further announcements are expected in the coming weeks as China reorganizes its structure in its regulatory and government entities.

“Opting for continuity in these critical economic functions suggests an emphasis on credibility and stability”said Mattie Bekink, China director at the Economist Intelligence Corporate Network.

“It is also perhaps a tacit recognition of some of the challenges for Beijing at the moment”said.

“The real challenge for this third Xi administration is whether he will address the structural imbalances in the Chinese economy and undertake the necessary reforms to ensure China’s long-term competitiveness.”.

Government challenges for the future

The government has set an economic growth target for 2023 of around 5%, up from 3% last year, which was one of the weakest results in decades.

The director of the Chinese Bureau of Statistics, Kang Yi, told the parliamentary session on Sunday that the Chinese economy still contains deep “contradictions” and “issues” structural, according to state media.

Chinese policymakers are facing the challenge of getting the economy back on track after three years of COVID-19 restrictions, weak consumer and business confidence and increasingly adversarial relations with the West, so many global companies seek to hedge their exposure to China.

Also on Sunday, as expected, China named Defense Minister Li Shangfusanctioned by the United States over Russian arms purchases, and named a list of four vice premiers, headed by Ding Xuexiang, Xi’s longtime chief of staff.

Source: Reuters

Source: Gestion

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