China reshuffles economic leadership

Central bank governor Zhou Xiaochuan was not among the 205-member Chinese Communist Party Central Committee yesterday, indicating that he will retire and give up his position as leader of the central bank, Bloomberg reported. Commerce Minister Chen Deming and Finance Minister Xie Xuren were also not elected to the committee, a signal that they too will leave those positions. However, Liu He, a senior government economics adviser, became a member of the committee for the first time. The composition of the Standing Committee provides clues on the economic direction China will take. “Liu He’s the key person in determining what kind of economic policy package ultimately makes it to Xi Jinping’s desk,” said Barry Naughton, a professor at the University of California San Diego.