There are three possible successors to the head of the National Bank in China

Almaty. October 25. Silkroadnews - There are three possible successors to the head of the National Bank in Chin, The Asahi Shimbun reported.
“China’s ruling Communist Party has promoted three potential successors to long-serving central bank chief Zhou Xiaochuan, setting up a possible handover as Beijing tries to rein in surging debt and financial risks. The three officials were among 204 people named to the party’s Central Committee as the party closed a twice-a-decade congress,” the report said.
It is reported that Zhou has led the People’s Bank of China since 2002, and at his 69 is well beyond the standard retirement age. He stayed at his position with the change of leadership of the country in 2012 to maintain stability, when a new generation of leaders has come together with Xi Jinping.
According to the publication, the possible successors of Zhou were bank regulator Guo Shuqing, securities regulator Liu Shiyu and Jiang Chaoliang, party secretary of populous Hubei province, which surrounds Beijing.
Analysts say that all three have the experience to succeed in the role of head of the National Bank.
According to analysts at Citigroup, Guo will be “well received” by foreign investors who are familiar with his views. It may take more time to fully accept Jiang’s ideas on monetary policy. Analysts at Citigroup noted that Jiang’s financial experience includes one of the Asian countries’ 1997 financial crisis, when he helped to close the inefficient government investment trust in southern Guangdong.
The next head of the central bank will play a key role in efforts to reduce bank lending, which rapid growth led to a debt to the equivalent of 270% of annual economic production.
Last week, Zhou warned that relatively stable economic growth in China could face the dangers of excessive debt and financial risk.
Speaking at the party congress, he warned that “a systemic financial risk may trigger a financial crisis.” He said this could have “a severe impact on the whole economy and employment”.
Zhou published a similar warning about rising Chinese corporate debt at the meeting of the International Monetary Fund on October 15.
The central bank is part of China’s ministry of finance. According to the official tradition, the new head of the National Bank can be appointed only after the country’s legislature appoints a new finance minister, which will not happen earlier than March 2018.