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.
Among financial experts recently promoted is Beijing vice-mayor Yin Yong, a former deputy central bank governor, and Shandong deputy provincial governor Liu Qiang, who rose through the country’s biggest commercial banks, from Agricultural Bank of China to Bank of China. The appointments have come as economic growth has slowed to its weakest in nearly three decades, while government infrastructure investment has fallen. Five regional banks were hit with management or liquidity problems in 2019, raising the prospect of devastating debt bombs lurking in unexpected corners.
With pressures mounting, local governments are expecting to take the lead in managing their financial scares and cutting the cost of rescue with local intervention, analysts say. Half of the 12 former financial executives elevated to provincial leadership posts under Xi were born after 1970. Tan Jiong, 53, former deputy head of Industrial & Commercial Bank of China, the world’s largest lender by assets, was appointed in September to Guizhou. The mountainous southwestern province is the most indebted province in China, according to a report from Guosen Securities, with a debt ratio of 161.7% as of the end of 2017.
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