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China's Xi turns to financial experts to tame economic risks
« on: December 30, 2019, 02:31:41 PM »
China's Xi turns to financial experts to tame economic risks
Keith Zhai and Cheng Leng, Reuters

Posted at Dec 29 2019 09:21 PM

https://news.abs-cbn.com/business/12/29/19/chinas-xi-turns-to-financial-experts-to-tame-economic-risks

SINGAPORE/BEIJING - As China struggles to deal with the slowdown of the world’s second-largest economy, it has embarked on a new strategy of placing financial experts in provinces to manage risks and rebuild regional economies.

Since 2018, President Xi Jinping has put 12 former executives at state-run financial institutions or regulators in top posts across China's 31 provinces,regions and municipalities, including some who have grappled with banking and debt difficulties that have raised fears of financial meltdown.

Only two top provincial officials had such financial background before the last big leadership reshuffle in 2012, according to Reuters research.

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