China poised to name another technocrat to helm top lender with focus on greasing growth engine
- Wang Jiang is expected to become the president of Bank of China soon following postings in party’s WeChat account
- Move follows the appointments of financial technocrats in China Construction Bank, China Development Bank
China is set to appoint another heavyweight financial technocrat to one of its state-controlled lenders in a move seen at greasing the nation’s growth engine after a year of economic slump.
Wang Jiang, a deputy governor of eastern Jiangsu province, is set to become the president of Bank of China in the coming days as the central government rotates key officials into commanding roles in the US$40 trillion banking system, according to postings in a social media account operated by the lender’s Communist Party committee.
The 56-year old technocrat chaired a meeting on Wednesday as the party’s deputy secretary in a committee within the bank, according to postings in a WeChat account operated by the committee. Local media outlets have reported that Wang will assume the senior role soon at the nation’s fourth largest lender by assets.
China’s economy grew last quarter at the slowest pace since records began in March 1992, as a trade war with the US damped exports and forced some foreign manufacturers to relocate elsewhere. China typically set quotas for bank lending to help propel growth targets and the technocrats play a role in smoothening the flow of capital to priority sectors.
Wang’s imminent appointment will follow recent elevation of top provincial-level officials this year. Former Chongqing vice mayor Liu Guiping became the president of China Construction Bank (CCB) in March, while ex-deputy governor of Guangdong Ouyang Weimin took up the driving seat at China Development Bank in October.
Liu and Ouyang were formerly financial industry veterans before they took up roles at regional governments. Wang’s career included a stint at CCB and Bank of Communications.