World

Favoring continuity, China reappoints central bank governor

  • 12. Mar 2023. 7:42
  • By The EU Times
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China has reappointed Yi Gang as the governor of its central bank, favoring continuity over drastic change as it faces an economic slowdown and tensions with the United States.

The move was announced on Tuesday at the opening of the National People's Congress, a largely ceremonial session of the Chinese legislature. Yi, who has held the post since 2018, was voted in by a near-unanimous vote of 2,937 in favor and just two against.

Yi has been a key player in the Chinese government's efforts to prop up the economy amid the coronavirus pandemic and a protracted trade war with the United States. He has helped steer the country's monetary policy and its regulation of the banking sector.

Yi's reappointment comes as China's economy is struggling to find its footing. The nation's GDP growth last year was its slowest in decades, and the outlook for 2021 is uncertain. At the same time, the U.S.-China trade war continues to drag on with no end in sight.

Yi is seen as a moderate in his approach to economic policy, and his reappointment signals that the Chinese government is not looking to make drastic changes at this time. He is seen as an ally of President Xi Jinping and is expected to remain loyal to the party line.

Yi has been a vocal advocate of opening up China's financial sector to foreign investment and introducing more market-oriented policies. He has also been a proponent of digital currency and blockchain technology, which could be the basis for a new type of monetary system.

As governor of the People's Bank of China, Yi will be responsible for overseeing the nation's monetary policy and financial system. He will also have a hand in implementing China's long-term development plans.

The reappointment of Yi is a sign that the Chinese government is looking to maintain continuity and stability in its financial sector. By doing so, the government hopes to avoid any further shocks to the economy and to continue to grow its influence on the global stage.