China appoints new finance minister
China’s Standing Committee of the National People’s Congress announced on November 7 that Xiao Jie will be the new Finance Minister, replacing the long-standing reformer Lou Jiwei.
Xiao worked under Premier Li Keqiang as vice-secretary at the State Council. Before that, he headed the state tax bureau for six years.
The government decided to appoint Xiao after increasing concerns about Chinese economic growth. Bloomberg said the new minister will be “tasked with juggling fiscal stimulus and efforts to rein in excess leverage in the world’s second-largest economy”.