China replaces Lou Jiwei with new Finance Minister Xiao Jie, Xinhua says

Xiao Jie, former tax chief and Minister of Finance deputy minister in 2012.

Reuters
Xiao Jie, former tax chief and Minister of Finance deputy minister in 2012.

China appointed a new finance chief on Monday at a key time as investors’ concerns grow over the country’s mounting debt and rising fiscal deficits.

Xiao Jie, former tax chief and Minister of Finance deputy minister, was named minister of finance, the official Xinhua new agency said on Monday.

Xiao, 59, currently deputy secretary general of the State Council, replaces Lou Jiwei, who had served as finance minister since March 2013.

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China also named Chen Wenqing as the new chief of the secretive Ministry of State Security, as well as a new head of civil affairs, at the closing of a regular session of the standing committee of China’s parliament.

Xinhua did not say why the ministers had stepped down but Lou is 65.

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source”cnbc”