Pan is taking office at a time when President Xi is looking for ways to strengthen the economy. Read more at straitstimes.com.
BEIJING - China named Mr Pan Gongsheng as the central bank’s new Communist Party chief, putting him in line to be the next governor.
The Wall Street Journal earlier reported Mr Pan will be named governor, citing unidentified people familiar with the matter. The central bank statement did not mention any next step for Mr Pan after the party secretary appointment. Some analysts saw Mr Yi, who had reached the official retirement age of 65 for ministerial-level officials, only staying for a short time to help oversee a transition after China set up a new regulator to strengthen oversight of its US$60 trillion financial system.looking for ways to strengthen an economy still struggling to recoverCalls for stimulus are growing as concerns mount over the resilience of consumer spending and renewed weakness in the property market.
The PBOC has taken a moderate approach to monetary easing since the pandemic first erupted in 2020, refraining from cutting interest rates too much, and instead encouraging banks to lend more. It has also made greater use of structural tools to funnel credit into targeted sectors of the economy, like small businesses.
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