PBoC appoints two to monetary policy committee

The People’s Bank of China (PBoC) announced the appointment of two new officials to its monetary policy committee on March 21.

Guo Shuqing joins the committee in his capacity as chairman of the China Banking Regulatory Commission (CBRC), replacing his predecessor, Shang Fulin, who is retiring.

Guo automatically receives a place on the committee due to his role as CBRC chair, a post he took up in late February. He also serves as a member of the Communist Party’s Central Committee and a delegate to the National Congress.

He has held many senior roles within Chinese politics and banking, including serving as PBoC deputy governor in 2001, chairing China Construction Bank in 2005, and heading up the China Securities Regulatory Commission in 2011.

Guo was later promoted to governor of Shandong province, before returning to the world of finance to take up the CBRC job.

Meanwhile, Ding Xuedong, chairman and chief executive of the China Investment Corporation (CIC), replaces Xiao Jie on the PBoC’s monetary policy committee. Xiao has been promoted to serve as China’s finance minister.

Ding has chaired the CIC, China’s sovereign wealth fund, since 2013. He has also served as deputy secretary-general of China’s state council. Earlier in his career he held various positions in the finance ministry, including vice-minister.

Ding holds a PhD in economics from the Research Institute for Fiscal Science, part of the finance ministry.

The PBoC’s monetary policy committee meets once a quarter, or on an ad hoc basis as necessary, to advise on policymaking and set policy targets.

As well as a vice-finance minister sitting on the committee, the government has influence over its goals. “The committee plays its advisory role on the basis of comprehensive research on macroeconomic situations and the macro targets set by the government,” the PBoC says.