This is China’s new economic team. Observers say the new leaders showcase a wide range of expertise as well as willingness for reform.
Governor Zhou Xiaochuan stays at the head of the central bank. Zhou had put in place reforms at the PBOC that laid the foundation of China’s securities regulatory commission. He is also the major push behind the commercialization of China’s biggest four state-owned banks. During his decade-long lead at the PBOC, the Chinese currency has become more convertible and interest rates more market-based. His reappointment is seen as an indication of the continuity of China’s monetary policy.
Lou Jiwei becomes Finance Minister. He is former head of the China Investment Corporation, the country’s sovereign wealth fund. Lou spearheaded China’s tax reform in the 1990s. He is a veteran in the Finance Ministry, and has previously served nine years as vice minister. Lou is tasked with tax reforms to help quicken China’s economic restructuring, narrow the income gap, and rebalance the power of central and local governments.
Xu Shaoshi will lead the National Development and Reform Commission, China’s top planning body; Xu is the former minister of land and natural resources. He is known for his pilot programs in the land market to punish unlawful land trades and opening mining rights to private and foreign investment. His role has expanded to supervise various ministries to spur China’s economy amid restructure.
Gao Hucheng, China’s new commerce minister, he has been vice minister of commerce for almost a decade and has represented China at various global trade talks. This post is vital for resolving the rising number of trade disputes China faces as well as helping Chinese firms’ growing footprint in overseas markets.