China's Xi turns to financial experts to tame economic risks [Reuters]
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Source: Reuters
China's Xi turns to financial experts to tame economic risks SINGAPORE/BEIJING, Dec 27 (Reuters) - As China struggles to deal with the slowdown of the world’s second-largest economy, it has embarked on a new strategy of placing financial experts in provinces to manage risks and rebuild regional economies. Since 2018, President Xi Jinping has put 12 former executives at state-run financial institutions or regulators in top posts across China’s 31 provinces,regions and municipalities, including some who have grappled with banking and debt difficulties that have raised fears of financial meltdown. Only two top provincial officials had such financial background before the last big leadership reshuffle in 2012, according to Reuters research. Among financial experts recently promoted is Beijing vice mayor Yin Yong, a former deputy central bank governor, and Shandong deputy provincial governor Liu Qiang, who rose through the country’s biggest commercial banks, from Agricultural Bank of China
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