THE Chinese Government has appointed a new head for its top economic planning agency and a new commerce minister as part of a reshuffle ahead of a crucial Party meeting later this year.

    He Lifeng, Zhong Shan

    He Lifeng, a vice chairman of the National Development and Reform Commission (NDRC), has been tapped to lead the agency, the Xinhua news agency said Friday on its official microblog, citing a decision by the standing committee of the National People’s Congress, replacing Xu Shaoshi, who has reached retirement age.

    Zhong Shan, currently a vice commerce minister, has been named new head of the ministry, the Ministry of Commerce said on its website, taking over from Gao Hucheng.

    Zhong was previously China’s international trade representative, responsible for trade negotiations, and held official positions in Zhejiang Province.

    China is struggling to cope with weak global demand and faces risks from growing U.S. trade protectionism as the Trump administration shows an aversion to globalization, which has benefited China hugely.

    The NDRC is tasked with overseeing the Chinese economy, regulating prices and approving major infrastructure projects.

    The once-powerful NDRC was dubbed a “super-ministry” when China had a centrally planned economy, but has seen its influence erode as the Central Government pushes for market-based reforms and deregulation to let market forces play a bigger role.

    Prior to joining NDRC, He worked for other agencies in China’s northern city of Tianjin and southeastern Fujian Province.

    He, 62, is expected to push supply-side reforms and spearhead a drive to cut excess capacity in the steel and coal sectors.

    Both Xu and Gao have reached the mandatory retirement age of 65 for a Chinese Cabinet minister.

    Guo Shuqing

    On Saturday China Daily said Guo Shuqing had resigned his position as governor of eastern Shandong Province to take the helm at China’s banking regulator, replacing the body’s current head Shang Fulin.

    Financial magazine Caixin reported Thursday on its website, citing sources familiar with the matter, that Guo would soon be appointed as head of China Banking Regulatory Commission (CBRC).

    The 19th Party Congress is expected to be held in the autumn.

    Chinese officials have pledged to maintain stable economic growth this year to ensure a successful Party meeting.

    China’s economy grew 6.7 percent last year, the slowest rate in just over a quarter of a century, and it faces risks from rising debt and growing asset bubbles, which leaders have vowed to address this year.(SD-Agencies)