{"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 pile […]<\/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_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"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. Yi Gang, currently the deputy governor of the People\u2019s Bank of China, will\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/chinas-new-central-bank-governor-will-have-to-deal-with-massive-debt-and-an-ambitious-economic-agenda\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China\u2019s new central bank governor will have to deal with massive debt and an ambitious economic agenda | Griffith Asia Insights\" \/>\n<meta property=\"og:description\" content=\"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\" \/>\n<meta property=\"og:url\" content=\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/chinas-new-central-bank-governor-will-have-to-deal-with-massive-debt-and-an-ambitious-economic-agenda\/\" \/>\n<meta property=\"og:site_name\" content=\"Griffith Asia Insights\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/griffithasiainstitute\/\" \/>\n<meta property=\"article:published_time\" content=\"2018-03-20T02:30:27+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-20T23:47:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2018\/03\/China-central-bank-governor-900x500.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"567\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Griffith Asia Institute\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@GAIGriffith\" \/>\n<meta name=\"twitter:site\" content=\"@GAIGriffith\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Griffith Asia Institute\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/chinas-new-central-bank-governor-will-have-to-deal-with-massive-debt-and-an-ambitious-economic-agenda\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/chinas-new-central-bank-governor-will-have-to-deal-with-massive-debt-and-an-ambitious-economic-agenda\\\/\"},\"author\":{\"name\":\"Griffith Asia Institute\",\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/#\\\/schema\\\/person\\\/8121b8aa336749474cbaca380c03029a\"},\"headline\":\"China\u2019s new central bank governor will have to deal with massive debt and an ambitious economic agenda\",\"datePublished\":\"2018-03-20T02:30:27+00:00\",\"dateModified\":\"2024-01-20T23:47:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/chinas-new-central-bank-governor-will-have-to-deal-with-massive-debt-and-an-ambitious-economic-agenda\\\/\"},\"wordCount\":726,\"publisher\":{\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/chinas-new-central-bank-governor-will-have-to-deal-with-massive-debt-and-an-ambitious-economic-agenda\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2018\\\/03\\\/China-central-bank-governor-900x500.jpg\",\"keywords\":[\"Central banking\",\"Dr Hui Feng\",\"Governor\",\"Hui Feng\",\"People's Bank of China\",\"Yi Gang\"],\"articleSection\":[\"Feature series\",\"Region | China and Northeast Asia\"],\"inLanguage\":\"en-AU\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/chinas-new-central-bank-governor-will-have-to-deal-with-massive-debt-and-an-ambitious-economic-agenda\\\/\",\"url\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/chinas-new-central-bank-governor-will-have-to-deal-with-massive-debt-and-an-ambitious-economic-agenda\\\/\",\"name\":\"China\u2019s new central bank governor will have to deal with massive debt and an ambitious economic agenda | Griffith Asia Insights\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/chinas-new-central-bank-governor-will-have-to-deal-with-massive-debt-and-an-ambitious-economic-agenda\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/chinas-new-central-bank-governor-will-have-to-deal-with-massive-debt-and-an-ambitious-economic-agenda\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2018\\\/03\\\/China-central-bank-governor-900x500.jpg\",\"datePublished\":\"2018-03-20T02:30:27+00:00\",\"dateModified\":\"2024-01-20T23:47:08+00:00\",\"description\":\"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\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/chinas-new-central-bank-governor-will-have-to-deal-with-massive-debt-and-an-ambitious-economic-agenda\\\/#breadcrumb\"},\"inLanguage\":\"en-AU\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/chinas-new-central-bank-governor-will-have-to-deal-with-massive-debt-and-an-ambitious-economic-agenda\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-AU\",\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/chinas-new-central-bank-governor-will-have-to-deal-with-massive-debt-and-an-ambitious-economic-agenda\\\/#primaryimage\",\"url\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2018\\\/03\\\/China-central-bank-governor-900x500.jpg\",\"contentUrl\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2018\\\/03\\\/China-central-bank-governor-900x500.jpg\",\"width\":1000,\"height\":567,\"caption\":\"People's Bank of China Governor Yi Gang. Photo: Reuters, Aly Song\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/chinas-new-central-bank-governor-will-have-to-deal-with-massive-debt-and-an-ambitious-economic-agenda\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"China\u2019s new central bank governor will have to deal with massive debt and an ambitious economic agenda\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/#website\",\"url\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/\",\"name\":\"Griffith Asia Insights\",\"description\":\"Asia Insights is published by the Griffith Asia Institute. It offers latest commentary on Asia-Pacific affairs and aims to inform and foster academic scholarship, public awareness and considered and responsive policy making.\",\"publisher\":{\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-AU\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/#organization\",\"name\":\"Griffith Asia Institute\",\"url\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-AU\",\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/blogs.griffith.edu.au\\\/asiainsights\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2023\\\/10\\\/GU_Griffith-Asia-Institute_rgb_red_horizontal.png?fit=2930%2C308&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/blogs.griffith.edu.au\\\/asiainsights\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2023\\\/10\\\/GU_Griffith-Asia-Institute_rgb_red_horizontal.png?fit=2930%2C308&ssl=1\",\"width\":2930,\"height\":308,\"caption\":\"Griffith Asia Institute\"},\"image\":{\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/griffithasiainstitute\\\/\",\"https:\\\/\\\/x.com\\\/GAIGriffith\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/#\\\/schema\\\/person\\\/8121b8aa336749474cbaca380c03029a\",\"name\":\"Griffith Asia Institute\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-AU\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/f133de65681da3b20ddbc1917f066f458d355d7dfa1f214b10ff4bd135d5ab6c?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/f133de65681da3b20ddbc1917f066f458d355d7dfa1f214b10ff4bd135d5ab6c?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/f133de65681da3b20ddbc1917f066f458d355d7dfa1f214b10ff4bd135d5ab6c?s=96&d=mm&r=g\",\"caption\":\"Griffith Asia Institute\"},\"url\":\"https:\\\/\\\/testblogs.griffith.edu.au\\\/asiainsights\\\/author\\\/gaigriffith-edu-au\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"China\u2019s new central bank governor will have to deal with massive debt and an ambitious economic agenda | Griffith Asia Insights","description":"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","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/chinas-new-central-bank-governor-will-have-to-deal-with-massive-debt-and-an-ambitious-economic-agenda\/","og_locale":"en_US","og_type":"article","og_title":"China\u2019s new central bank governor will have to deal with massive debt and an ambitious economic agenda | Griffith Asia Insights","og_description":"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","og_url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/chinas-new-central-bank-governor-will-have-to-deal-with-massive-debt-and-an-ambitious-economic-agenda\/","og_site_name":"Griffith Asia Insights","article_publisher":"https:\/\/www.facebook.com\/griffithasiainstitute\/","article_published_time":"2018-03-20T02:30:27+00:00","article_modified_time":"2024-01-20T23:47:08+00:00","og_image":[{"width":1000,"height":567,"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2018\/03\/China-central-bank-governor-900x500.jpg","type":"image\/jpeg"}],"author":"Griffith Asia Institute","twitter_card":"summary_large_image","twitter_creator":"@GAIGriffith","twitter_site":"@GAIGriffith","twitter_misc":{"Written by":"Griffith Asia Institute","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/chinas-new-central-bank-governor-will-have-to-deal-with-massive-debt-and-an-ambitious-economic-agenda\/#article","isPartOf":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/chinas-new-central-bank-governor-will-have-to-deal-with-massive-debt-and-an-ambitious-economic-agenda\/"},"author":{"name":"Griffith Asia Institute","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#\/schema\/person\/8121b8aa336749474cbaca380c03029a"},"headline":"China\u2019s new central bank governor will have to deal with massive debt and an ambitious economic agenda","datePublished":"2018-03-20T02:30:27+00:00","dateModified":"2024-01-20T23:47:08+00:00","mainEntityOfPage":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/chinas-new-central-bank-governor-will-have-to-deal-with-massive-debt-and-an-ambitious-economic-agenda\/"},"wordCount":726,"publisher":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#organization"},"image":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/chinas-new-central-bank-governor-will-have-to-deal-with-massive-debt-and-an-ambitious-economic-agenda\/#primaryimage"},"thumbnailUrl":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2018\/03\/China-central-bank-governor-900x500.jpg","keywords":["Central banking","Dr Hui Feng","Governor","Hui Feng","People's Bank of China","Yi Gang"],"articleSection":["Feature series","Region | China and Northeast Asia"],"inLanguage":"en-AU"},{"@type":"WebPage","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/chinas-new-central-bank-governor-will-have-to-deal-with-massive-debt-and-an-ambitious-economic-agenda\/","url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/chinas-new-central-bank-governor-will-have-to-deal-with-massive-debt-and-an-ambitious-economic-agenda\/","name":"China\u2019s new central bank governor will have to deal with massive debt and an ambitious economic agenda | Griffith Asia Insights","isPartOf":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#website"},"primaryImageOfPage":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/chinas-new-central-bank-governor-will-have-to-deal-with-massive-debt-and-an-ambitious-economic-agenda\/#primaryimage"},"image":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/chinas-new-central-bank-governor-will-have-to-deal-with-massive-debt-and-an-ambitious-economic-agenda\/#primaryimage"},"thumbnailUrl":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2018\/03\/China-central-bank-governor-900x500.jpg","datePublished":"2018-03-20T02:30:27+00:00","dateModified":"2024-01-20T23:47:08+00:00","description":"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","breadcrumb":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/chinas-new-central-bank-governor-will-have-to-deal-with-massive-debt-and-an-ambitious-economic-agenda\/#breadcrumb"},"inLanguage":"en-AU","potentialAction":[{"@type":"ReadAction","target":["https:\/\/testblogs.griffith.edu.au\/asiainsights\/chinas-new-central-bank-governor-will-have-to-deal-with-massive-debt-and-an-ambitious-economic-agenda\/"]}]},{"@type":"ImageObject","inLanguage":"en-AU","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/chinas-new-central-bank-governor-will-have-to-deal-with-massive-debt-and-an-ambitious-economic-agenda\/#primaryimage","url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2018\/03\/China-central-bank-governor-900x500.jpg","contentUrl":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2018\/03\/China-central-bank-governor-900x500.jpg","width":1000,"height":567,"caption":"People's Bank of China Governor Yi Gang. Photo: Reuters, Aly Song"},{"@type":"BreadcrumbList","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/chinas-new-central-bank-governor-will-have-to-deal-with-massive-debt-and-an-ambitious-economic-agenda\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/"},{"@type":"ListItem","position":2,"name":"China\u2019s new central bank governor will have to deal with massive debt and an ambitious economic agenda"}]},{"@type":"WebSite","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#website","url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/","name":"Griffith Asia Insights","description":"Asia Insights is published by the Griffith Asia Institute. It offers latest commentary on Asia-Pacific affairs and aims to inform and foster academic scholarship, public awareness and considered and responsive policy making.","publisher":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-AU"},{"@type":"Organization","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#organization","name":"Griffith Asia Institute","url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/","logo":{"@type":"ImageObject","inLanguage":"en-AU","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#\/schema\/logo\/image\/","url":"https:\/\/i0.wp.com\/blogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/10\/GU_Griffith-Asia-Institute_rgb_red_horizontal.png?fit=2930%2C308&ssl=1","contentUrl":"https:\/\/i0.wp.com\/blogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/10\/GU_Griffith-Asia-Institute_rgb_red_horizontal.png?fit=2930%2C308&ssl=1","width":2930,"height":308,"caption":"Griffith Asia Institute"},"image":{"@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/griffithasiainstitute\/","https:\/\/x.com\/GAIGriffith"]},{"@type":"Person","@id":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/#\/schema\/person\/8121b8aa336749474cbaca380c03029a","name":"Griffith Asia Institute","image":{"@type":"ImageObject","inLanguage":"en-AU","@id":"https:\/\/secure.gravatar.com\/avatar\/f133de65681da3b20ddbc1917f066f458d355d7dfa1f214b10ff4bd135d5ab6c?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/f133de65681da3b20ddbc1917f066f458d355d7dfa1f214b10ff4bd135d5ab6c?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f133de65681da3b20ddbc1917f066f458d355d7dfa1f214b10ff4bd135d5ab6c?s=96&d=mm&r=g","caption":"Griffith Asia Institute"},"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/author\/gaigriffith-edu-au\/"}]}},"jetpack_featured_media_url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2018\/03\/China-central-bank-governor-900x500.jpg","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":10152,"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/regional-outlook-ten-years-of-chinas-belt-and-road-initiative-bri-evolution-and-the-road-ahead\/","url_meta":{"origin":4114,"position":0},"title":"Regional Outlook | Ten years of China’s Belt and Road Initiative (BRI): Evolution and the road ahead","author":"Griffith Asia Institute","date":"18 October 2023","format":false,"excerpt":"CHRISTOPH NEDOPIL WANG\u00a0 |\u00a0 \u00a0Griffith Asia Institute and Green Finance and Development Center Joint Working Paper | 20-MINUTE READ | Download PDF Contents Introduction Greening of the BRI From largesse to small and\/but\/or beautiful\u00a0 Improved debt sustainability in the BRI From state-owned companies to private sector green field engagement International\u2026","rel":"","context":"In "Green transition and development"","block_context":{"text":"Green transition and development","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/category\/green-transition-and-development\/"},"img":{"alt_text":"Griffith Asia Institute Regional Outlook cover 76 - Belt and Road 10 Years","src":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/10\/2023-regional-outlook-76-blog-banner.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/10\/2023-regional-outlook-76-blog-banner.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/10\/2023-regional-outlook-76-blog-banner.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/10\/2023-regional-outlook-76-blog-banner.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":10460,"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/regional-outlook-household-consumption-domestic-demand-and-challenges-to-chinas-grand-economic-rebalancing\/","url_meta":{"origin":4114,"position":1},"title":"Regional Outlook | Household consumption, domestic demand, and challenges to China\u2019s grand economic rebalancing","author":"Griffith Asia Institute","date":"29 January 2024","format":false,"excerpt":"HUI FENG AND CHENG TANG | 30-MINUTE READ | Download PDF Introduction In recent years, China has emphasised the critical importance of a domestic demand expansion strategy, centred on consumption as a key policy driver, to promote future economic development. This strategy, called the \u2018dual-circulation\u2019 strategy, was proposed by President\u2026","rel":"","context":"In "Business and innovation"","block_context":{"text":"Business and innovation","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/category\/business-and-innovation\/"},"img":{"alt_text":"Regional Outlook | Household consumption, domestic demand, and challenges to China\u2019s grand economic rebalancing","src":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/01\/socials-2.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/01\/socials-2.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/01\/socials-2.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/01\/socials-2.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":10329,"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/unlocking-the-green-future-understanding-chinas-green-finance-landscape\/","url_meta":{"origin":4114,"position":2},"title":"Unlocking the green future: Understanding China’s green finance landscape","author":"Griffith Asia Institute","date":"28 November 2023","format":false,"excerpt":"CHRISTOPH NEDOPIL WANG\u00a0AND MATHIAS LUND LARSON\u00a0 |\u00a0 The concept of green finance stands as a beacon for steering businesses towards sustainable and environmentally responsible practices through incentivised financial investments. In the pursuit of unravelling the complexities of green finance, \"The Routledge Handbook of Green Finance,\" edited by Othmar M Lehner,\u2026","rel":"","context":"In "Green transition and development"","block_context":{"text":"Green transition and development","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/category\/green-transition-and-development\/"},"img":{"alt_text":"People's Bank of China in Beijing, China.","src":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/11\/green-finance-china.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/11\/green-finance-china.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/11\/green-finance-china.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2023\/11\/green-finance-china.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":11927,"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/analysis-chinas-newly-announced-steel-industry-work-plan-2025-26\/","url_meta":{"origin":4114,"position":3},"title":"Analysis – China\u2019s newly announced steel industry work plan 2025-26","author":"Griffith Asia Institute","date":"8 September 2025","format":false,"excerpt":"CHRISTOPH NEDOPIL\u00a0 | In late August 2025, five leading Chinese ministries issued the new Work Plan for Stabilizing Growth in the Steel Industry (2025-2026). The work plan provides important signals for the next steps in one of China\u2019s core industries that deals with overcapacity and high climate emissions. Three messages\u2026","rel":"","context":"In "Business and innovation"","block_context":{"text":"Business and innovation","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/category\/business-and-innovation\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2025\/09\/iStock-1368100643.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2025\/09\/iStock-1368100643.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2025\/09\/iStock-1368100643.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2025\/09\/iStock-1368100643.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2025\/09\/iStock-1368100643.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":11006,"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/china-green-trade-report-2023\/","url_meta":{"origin":4114,"position":4},"title":"China Green Trade Report 2023","author":"Griffith Asia Institute","date":"30 April 2024","format":false,"excerpt":"JING ZHANG AND\u00a0CHRISTOPH NEDOPIL\u00a0\u00a0| 35-MINUTE READ | DOWNLOAD PDF Key findings China\u2019s exports of the \u2018New Three\u2019\u2014solar photovoltaic (PV), lithium-ion batteries and electric vehicles (EVs)\u2014 surged from under USD 20 billion in 2017 to over USD 150 billion in 2023\u2014a growth of 650 per cent. Export of the New Three\u2026","rel":"","context":"In "Green transition and development"","block_context":{"text":"Green transition and development","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/category\/green-transition-and-development\/"},"img":{"alt_text":"China Green Trade Report 2023","src":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/04\/Green-trade-blog-banner-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/04\/Green-trade-blog-banner-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/04\/Green-trade-blog-banner-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/04\/Green-trade-blog-banner-1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":10817,"url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/chinas-two-sessions-2024-highlights-from-green-development-energy-transition-green-finance-carbon-market-and-belt-and-road-initiative\/","url_meta":{"origin":4114,"position":5},"title":"China\u2019s Two Sessions 2024: highlights from green development, energy transition, green finance, carbon market and Belt and Road Initiative","author":"Griffith Asia Institute","date":"20 March 2024","format":false,"excerpt":"JING ZHANG AND\u00a0CHRISTOPH NEDOPIL\u00a0\u00a0| China's annual Two Sessions[i] opened on 4 March 2024 and lasted for seven days (typically, the two sessions last about ten days). Much attention was given to China\u2019s 2024 economic growth target of \u201caround 5 per cent\u201d and the lack of a traditional press conference by\u2026","rel":"","context":"In "Commentary"","block_context":{"text":"Commentary","link":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/category\/publication\/commentary\/"},"img":{"alt_text":"Xi Jinping - Two sessions","src":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/03\/two-sessions.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/03\/two-sessions.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/03\/two-sessions.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2024\/03\/two-sessions.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]}],"jetpack_likes_enabled":true,"featured_image_thumbnail_url":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-content\/uploads\/sites\/2\/2018\/03\/China-central-bank-governor-900x500.jpg","_links":{"self":[{"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/posts\/4114","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/comments?post=4114"}],"version-history":[{"count":0,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/posts\/4114\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/media\/4115"}],"wp:attachment":[{"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/media?parent=4114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/categories?post=4114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/testblogs.griffith.edu.au\/asiainsights\/wp-json\/wp\/v2\/tags?post=4114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}