Economic and finance shake-up on China’s Central Committee heralds new era in face of global uncertainty
- The 20th party congress adopted development security, tech self-reliance and common prosperity as new overriding guidelines
- Reshuffle follows Central Committee retirements, banking crises and Xi Jinping’s anti-corruption campaign but scope of changes prompts uncertainty
It has generated major questions over how the new team will shore up the slowing economy, handle spillover from US Federal Reserve rate hikes and grapple with the looming global recession.
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China’s 20th party congress concludes with bigger than expected leadership reshuffle
The retirement of the 71-year-old – who helped draft China’s economic structural reform, de-risking and innovation policies over the past 10 years – has long been expected because of the party’s unofficial age limit of 68, but there is speculation he may be retained as a special adviser in another capacity.
Liu’s aides on trade negotiations and the Central Economic and Financial Affairs Commission, including 59-year-old Han Wenxiu, 56-year-old deputy commerce minister Wang Shouwen and 58-year-old Han Jun, governor of northeast China’s Jilin province, were elevated to the Central Committee for the first time.
He Lifeng, chairman of the National Development and Reform Commission and a leading candidate for the top economic adviser role, made an unsurprising appearance on the Central Committee list.
Analysts generally do not expect a one-to-one replacement for Liu, because the move will eventually depend on the work allocation of the new leadership, including the position of premier.
