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China's finance minister resigns for "personal reasons"

China's finance minister resigns for "personal reasons"

Chinese Finance Minister Jin Renqing has resigned for "personal reasons," the government said Thursday.
The State Council, or Cabinet, has transferred Jin to the State Council's Development Research Center, a think tank, where he will be deputy chief, a ministerial-level position.
No other details were given in the statement, which comes after several days of rumors that Jin would step down. He has been finance minister since 2003.
Jin's transfer comes amid rising concerns over accelerating inflation and a surging stock market, and just six weeks before the opening of a twice-a-decade Communist Party congress that is expected to prompt a reshuffling of some senior party and government positions.
Jin, 63, is one of about 200 members of the Communist Party's Central Committee, a former vice governor of the southwestern province of Yunnan and a former vice mayor of Beijing.
Unconfirmed reports said Jin would be replaced by Xie Xuren, formerly director of the State Administration of Taxation.
Asked Wednesday about rumors of Jin's departure, Central Bank Vice Governor Su Ning said any personnel changes at the Finance Ministry would not affect monetary policy.
Also Wednesday, Su said the inflation rate was likely to exceed the government's 3 percent target for the year despite a series of credit tightening measures to tamp down prices and cool enthusiasm for buying shares.
The inflation rate in the January-July period hit 3.5 percent, driven largely by a 15.4 percent surge since the same period a year ago in politically sensitive prices for pork and other food items. Prices soared 5.6 percent in July over the same month last year _ the highest monthly inflation rate since February 1997.
Seeking to rein in the price surge, the central bank earlier this month raised its benchmark deposit and lending rates the fourth time this year.


Updated : 2021-04-22 10:46 GMT+08:00