Xi plays safe and taps old guard to take on China’s big economic mission
Seasoned campaigners in the Communist Party’s new ruling elite will face the challenge of realising the president’s vision while defusing a ticking debt bomb
A core group of proven financial technocrats loyal to President Xi Jinping have gained places on the Chinese Communist Party’s new ruling Central Committee.
At least 10 of the committee members are seasoned economic and financial regulators, including familiar face Guo Shuqing, the banking regulator who is expected to become the country’s next central bank chief. Miao Wei, the information technology minister promoting the country’s Made in China 2025 plan, and Finance Minister Xiao Jie are also among the old guard on the body.
Securities regulator Liu Shiyu, 56, is one of the Central Committee’s new recruits, earning a top spot by clamping down on stock market “irregularities”, clipping the wings of financial tycoons and restoring order after the 2015 summer stock market rout. Liu has also made headlines for applauding Xi for his “political courage and wisdom” in foiling a coup plot by his political foes.
Joining Liu are He Lifeng, the head of China’s powerful economic planning agency, and Commerce Minister Zhong Shan, who supervises China’s exports and foreign investments. He and Zhong worked with or under Xi earlier in the president’s political career.
