{"id":4114,"date":"2018-03-20T12:30:27","date_gmt":"2018-03-20T02:30:27","guid":{"rendered":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/?p=4114"},"modified":"2024-01-21T09:47:08","modified_gmt":"2024-01-20T23:47:08","slug":"chinas-new-central-bank-governor-will-have-to-deal-with-massive-debt-and-an-ambitious-economic-agenda","status":"publish","type":"post","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/chinas-new-central-bank-governor-will-have-to-deal-with-massive-debt-and-an-ambitious-economic-agenda\/","title":{"rendered":"China\u2019s new central bank governor will have to deal with massive debt and an ambitious economic agenda"},"content":{"rendered":"

HUI FENG<\/a> |<\/p>\n

The Chinese government has\u00a0appointed a new head<\/a>\u00a0of its central bank. Yi Gang, currently the deputy governor of the People\u2019s Bank of China, will take over the leadership from Zhou Xiaochuan, who had been in the position since 2002.<\/p>\n

As China\u2019s central bank oversees the stability of\u00a0the world\u2019s second-largest economy<\/a>\u00a0and\u00a0the world\u2019s largest pile of foreign reserves<\/a>, this is a change the global economy is watching closely.<\/p>\n

A US-trained economist, Yi received his doctorate in economics from the University of Illinois in 1986. He was a professor at Peking University in China following various academic positions in the US, before joining China\u2019s central bank in 1997. Yi is\u00a0known<\/a>\u00a0in academia for his expertise on inflation and price instability.<\/p>\n

Yi developed his technocratic career exclusively within the headquarters of the central bank, taking up various leading positions in areas of monetary policy, exchange rate policy, and foreign reserve management. He then became the right-hand man of Zhou, who dominated Beijing\u2019s economic policy-making for a record 15 years.<\/p>\n

However Yi\u2019s governorship came as a surprise, given the widely circulated rumours of other powerful contenders, such as Liu He, now announced as vice premier of China, and Guo Shuqing, the chairman of China Banking Regulatory Commission.<\/p>\n

But the appointment makes sense if the reshuffle of president Xi Jinping\u2019s economic team is taken into account, as like-minded liberals lining up in key positions. Yi will actually work directly under Liu, who also trained in the US, ensuring that the government keeps in close consultation with the central bank while the bank does not stray politically.<\/p>\n

Problems the new governor will have to confront<\/h2>\n

Now that the jockeying for the top position at the central bank is over, the new governor is bound to carry on Zhou\u2019s liberal legacy and to tackle some of the more daunting challenges the Chinese economy faces.<\/p>\n

First up is the need to further strengthen the central bank, which has been given extra duties in financial legislation and regulation in the latest round of administrative streamlining announced at the People\u2019s Congress. After all, the authority of the central bank in government circles over the last two decades has largely hinged on the bank playing\u00a0an indispensable role<\/a>\u00a0in providing professional expertise.<\/p>\n

Yi will also work to defuse the debt bomb that has been lurking behind a series of alarming statistics of the Chinese economy. In particular,\u00a0China\u2019s total debt has almost doubled between 2008 and mid-2017, to 256% of GDP<\/a>\u00a0as the economy slowed down from double-digit growth to a mere 6%.<\/p>\n

A distressed financial system could trigger a systemic economic collapse. To reign in this possibility, Yi will have to work closely with authorities in the State Council, China\u2019s cabinet, to contain the risks to a manageable scale.<\/p>\n

The bank will have to walk a fine line here. It must contain the shadow banking sector, which is largely beyond the radar of the authorities. At the same time it has to make sure such tightening does not choke financial innovations embodied by the burgeoning internet finance and fintech.<\/p>\n

Equally, if not more important, the financial reforms must be taken to facilitate China\u2019s grand economic transition. In the short to medium term, this entails a further aligning of China\u2019s interest rates to China\u2019s market levels.<\/p>\n

They also need to bring its exchange rates in line with international market levels, open its financial markets in a gradual and orderly fashion, and push for the use of the Chinese currency in the global market. This is an ambitious project initiated by Zhou with the goal of seeing the renminbi\u2019s international status on par with the greenback.<\/p>\n

A more open and liberal financial system in China is of course good news for the world economy as well because central banks need to work together to address increasingly divergent policy priorities among advanced and emerging economies.<\/p>\n

Whether or not Yi becomes the next \u201cMr RMB<\/a>\u201d (as Zhou is often dubbed), he needs to be the \u201cDr Reformer\u201d at this critical stage of both the Chinese and global economy.<\/p>\n

\n
AUTHOR<\/div>\n
Dr Hui Feng<\/strong>\u00a0is a member of the Griffith Asia Institute. This article first appeared at The Conversation<\/a>.<\/div>\n","protected":false},"excerpt":{"rendered":"

HUI FENG | The Chinese government has\u00a0appointed a new head\u00a0of its central bank. Yi Gang, currently the deputy governor of the People\u2019s Bank of China, will take over the leadership from Zhou Xiaochuan, who had been in the position since 2002. As China\u2019s central bank oversees the stability of\u00a0the world\u2019s second-largest economy\u00a0and\u00a0the world\u2019s largest pileContinue reading “China\u2019s new central bank governor will have to deal with massive debt and an ambitious economic agenda”<\/span><\/a><\/p>\n","protected":false},"author":14,"featured_media":4115,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[233,245],"tags":[1352,300,711,2036,710,709],"class_list":["post-4114","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-feature-series","category-china-and-north-east-asia","tag-central-banking","tag-dr-hui-feng","tag-governor","tag-hui-feng","tag-peoples-bank-of-china","tag-yi-gang"],"acf":[],"modified_by":"Jill Moriarty","yoast_head":"\nChina\u2019s new central bank governor will have to deal with massive debt and an ambitious economic agenda | Griffith Asia Insights<\/title>\n<meta name=\"description\" content=\"HUI FENG | The Chinese government has\u00a0appointed a new head\u00a0of its central bank. 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