The appointment of central bank insider Yi Gang as the new People’s Bank of China governor signals continuity in policymaking, even as Yi is expected to have less room than his predecessor to push for reforms as Beijing focuses on stability.
The elevation of Yi Gang, a two-decade veteran of the central bank, to head the People’s Bank of China was in a slate of promotions approved by China’s ceremonial legislature of finance and economic officials as President Xi Jinping tightens control over government.
Also on Monday, March 19, the National People’s Congress endorsed the appointment of Liu He, Xi’s economic adviser, to a post as vice premier, where he is expected to oversee economic reform.
The party is under pressure to control surging debt, defuse mounting trade tensions with Washington and Europe and make the cooling, state-dominated economy more productive. It has pledged to open more industries to private and foreign competition but business groups and reform advocates complain Beijing is moving too slowly.
Full Content: Washington Post
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
