BEIJING ¨C Liu He, a key economic adviser to China¡¯s President Xi Jinping, was elected by parliament Monday to be a vice premier, and vice central bank Gov. Yi Gang was chosen to take over the helm at the People¡¯s Bank of China.
Liu¡¯s promotion telegraphs Beijing¡¯s intention to press ahead with a clampdown on riskier financing, and a rapid build-up in debt to reduce systemic risks to the world¡¯s second-largest economy.
Liu, a Xi confidant, has a deep understanding of the country¡¯s economic issues and is an emerging star in Chinese politics. Having won a top Chinese economics study award in 2015 for his research on the global financial crisis, he is widely seen as masterminding Xi¡¯s supply-side reforms which are cutting excess factory capacity and pivoting the economy away from low-value industries.
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