China has replaced its finance minister, removing one of the country’s most outspoken reformists at a time of global concern over its economic slowdown.
Lou Jiwei will be replaced by Xiao Jie, state news agency Xinhua reported, citing an announcement from the Standing Committee of the National People’s Congress, China’s parliament.
Alongside People’s Bank of China governor Zhou Xiaochuan, Mr Lou was regarded as one of the government’s most competent economic officials. He tackled a number of difficult reforms, including local government financing, and had earlier served as head of China Investment Corp, Beijing’s sovereign wealth fund.
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