Challenges Ahead for China’s New Government

China: the challenges awaiting the new government

China’s annual meeting of Parliament concluded on Sunday, March 12, with the appointment of new and existing members of the Chinese government. The focus was to reassure financial markets by maintaining senior officials in the economic field. The appointment of new faces to the Business Council of China was confirmed by the delegates gathered at the People’s Palace this morning. Most were long-time aides to the head of the state and appointed by the new prime minister, Xi Jinping. While some officials had to retire, others were given waivers to remain in office. Governor of the Central Bank and the Minister of Finance, Yi Gang and Liu Kun remain in charge of economic and monetary policy, facing increased systemic financial risks such as a real estate crisis and provincial indebtedness. Post-Covid-19 economic recovery and stability were a priority for the Chinese Communist Party, given ongoing efforts for structural and regulatory change in the Chinese economy. During this third term of Xi Jinping, a national administration of financial regulation will be set up, and another priority in the context of the trade war with the United States is to fight against the risks of technological asphyxiation and the hegemony of the dollar. The Ministers of Trade, Agriculture, and Technology are also maintained in their posts.

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