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Thursday, March 30, 2023

China keeps the president of the Central Bank and the minister of Finance

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China unexpectedly kept the governor of his central bank and finance minister at the annual session of Parliamentprioritizing continuity in the face of the economic challenges that loom over the country and abroad.

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After Xi Jinping’s re-election, they ratify more officials

President Xi Jinpingwhich has appointed allies to key posts in the reshuffle of the government entering its third five-year term, broke with convention by keeping Yi Gang, 65, as Governor of the People’s Bank of China (PBOC) and Liu Kun, 66as Minister of Finance. 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 reorganize its financial regulatory structure and other government agencies.

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“Going 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’s also perhaps a tacit recognition of some of the challenges for Beijing at the moment,” she 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.”

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.

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The director of the Chinese Bureau of Statistics, Kang Yideclared in the parliamentary session on Sunday that the Chinese economy still contains deep structural “contradictions” and “problems”, 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 appoints Li Shangfu as defense ministersanctioned by the United States over Russian arms purchases, and named a list of four deputy prime ministers, headed by ding xuexiangwho has long been chief of staff of Xi.

Source: Ambito

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