Pan Gongsheng was named China’s central bank governor on July 25 in the widely anticipated final major appointment of the ruling Communist Party’s once-a-decade change of power. Mr. Pan, a deputy central bank governor and veteran of China’s state-owned banking industry, succeeds Yi Gang, an American-trained economist who held the post for five years. The endorsement of Pan’s promotion by the ceremonial legislature, the National People’s Congress, follows other Cabinet-level appointments announced in March.
Pan is a long-time central banker. He joined the People’s Bank of China (PBOC) in 2012 after previous stints in senior positions at state banks including Industrial and Commercial Bank of China Ltd. and Agricultural Bank of China Ltd. His move to the top of the PBOC signals that Beijing is prioritizing policy continuity at a time when the economic recovery is losing momentum and officials are grappling with various ways to boost confidence.
Since his appointment as party secretary at the PBOC, Pan has held several meetings with visiting central bankers, including South Korea’s Rhee Chang-yong, and attended a central bank governors conference between China, Japan and South Korea in July. US Treasury Secretary Janet Yellen referred to Pan as “acting governor” when she met with him during her Beijing trip recently.
His appointment marks the first time since 2018 that the top two positions at the PBOC — governor and Communist Party secretary will be held by one person, potentially streamlining decision-making at the very top. Former governor Zhou Xiaochuan held both posts until his departure in 2018 when Yi Gang was named governor and Guo Shuqing held the position of party chief.
The Indian government has announced plans for public sector companies like Coal India, NMDC, and…
In April, India's merchandise exports saw a modest 1% increase, reaching $34.99 billion, driven by…
The Open Network for Digital Commerce (ONDC), a digital infrastructure initiative launched in 2021, has…
In response to rising credit demand and falling liquidity, State Bank of India (SBI) has…
The Indian Army is poised to elevate its air defense capabilities with the impending delivery…
India has signed a 10-year agreement to develop and operate Iran’s strategic Chabahar Port to…