There were fewer changes than expected, with most cabinet ministers keeping their posts as China opts for continuity
Beijing — China unexpectedly kept its central bank governor and finance minister in their posts at the annual session of the rubber-stamp parliament on Sunday, prioritising continuity as economic challenges loom at home and abroad.
“Opting for continuity in these critical economic roles suggests an emphasis on credibility and stability,” said Mattie Bekink, China director at the Economist Intelligence Corporate Network. China’s statistics bureau head, Kang Yi, told the parliamentary session on Sunday that China’s economy still contains deep structural “contradictions” and “problems”, according to state media.
Chinese President Xi Jinping and Chinese Premier Li Qiang attend the fifth plenary session of the National People's Congress in Beijing, China, March 12 2023. Picture: LINTAO ZHANG/GETTY IMAGES The US-educated central bank chief Yi, appointed PBOC governor in 2018, had widely been expected to retire after being left off the ruling Communist Party’s Central Committee during the party’s once-in-five-years congress in October.
“It shows China wants to at least have a dialogue with the US on monetary policy and financial co-operation,” he said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ASML’s suppliers said to be looking at Asian plants outside ChinaSingapore is being considered as a potential location for regional headquarters, a note says
Read more »
China backs unstable perovskite for next-level solar panelsThe benefit is that perovskite products are lighter and bendable, meaning that they can be used in places regular panels can’t be installed
Read more »
China’s Xi secures third presidential termXi tightened his control as China faces mounting challenges at home and globally
Read more »
China’s growth faces headwinds from debt-laden local governmentsThe ability of fiscally stretched local governments to follow through on spending will be a key test
Read more »
Xi Jinping set to be China's longest serving leader as he tears up rule book with third term | News24Xi Jinping was handed a third term as Chinese president on Friday, capping a rise that has seen him become the country's most powerful leader in generations.
Read more »