China offers new finance minister, observed maintaining expansionary policy
On Monday, China appointed a new finance minister, expected to maintain rather an expansionary fiscal policy and offer reforms aimed at putting a lid on rising debt levels in the national economy.
A former tax chief and Minister of Finance deputy minister, Xiao Jie was officially named minister of finance, as the Xinhua new agency reported on Monday.
Xiao, 59, who’s the deputy secretary general of the State Council now, replaces Lou Jiwei, who had acted as finance minister since March 2013.
Xinhua didn’t tell why Lou is actually stepping down, though experts along with policy advisors told Reuters that Lou has to retire because he’s 65.
The reshuffle is supposed to have insignificant impact on fiscal policy, that’s expected to be supportive in 2017 because the government leans more on increased spending as well as tax cuts to back growth.
The previous month, President Xi Jinping told that China is on the verge of maintaining a pro-active fiscal policy. Moreover, it’s going to adhere to prudent monetary policy, simultaneously keeping reasonably ample liquidity and focusing on controlling asset bubbles.