China forms new economic team as Xi kicks off second term
China elevated a key confidante of President Xi Jinping to one of the top positions in government on Monday as Beijing cracks down on riskier financing and a debt build-up that may pose systemic risks to the world’s second-largest economy.
The endorsement of Liu He as a vice premier by the country’s rubber-stamp parliament also comes as the US presses China to cut its trade surplus by $100 billion. Harvard-educated Liu, 66, was the most prominent envoy to visit Washington recently to prevent the outbreak of a trade war.
While most of the personnel changes on the government’s economic team were widely anticipated, the choice of Yi Gang as the new head of the People’s Bank of China (PBOC) was unexpected.
Yi had been a vice governor of PBOC and a protege of outgoing chief Zhou Xiaochuan.
WANG MAY BE INDIA BORDER NEGOTIATOR
China’s tough-talking foreign minister Wang Yi was elevated on Monday to the top diplomatic post of state councillor, a move which could make him the new Special Representative to handle the vexed boundary negotiations with India, according to officials.
Wang, 65, would also continue to head the foreign ministry, becoming the first Chinese official to hold the dual post in recent years. By virtue of being the state councillor, Wang is also expected to be China’s Special Representative for India-China boundary talks, though the government’s position on this will be clear only after an official notification.
BEIJING: