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.