China’s Xi Jinping turns to financial experts to tame economic risks GlobeBusiness
This translation has been automatically generated and has not been verified for accuracy.China's President Xi Jinping, seen here during a meeting at the Great Hall of the People in Beijing on Dec. 23, 2019, has put 12 former executives at state-run financial institutions or regulators in top posts across China’s 31 province, regions and municipalities.
Another newly promoted official, Chongqing vice mayor Li Bo, had until this year led the central bank’s monetary policy department. The appointments have come as economic growth has slowed to its weakest in nearly three decades, while government infrastructure investment has fallen. With pressures mounting, local governments are expecting to take the lead in managing their financial scares and cutting the cost of rescue with local intervention, analysts say.
“Political cadres, especially the senior ones, must work hard to learn financial knowledge and be familiar with financial sectors,” Xi said in a national meeting on financial affairs. A risk disposal plan for the lender was a milestone this year in resolving problems facing high-risk financial institutions.Tan Jiong, 53, former deputy head of Industrial & Commercial Bank of China, the world’s largest lender by assets, was appointed in September to Guizhou.
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