[China Xi Jinping 3rd Term] Economic and Diplomatic Commanders Also Completely Changed... Power Seized by Xi

[Image source=Yonhap News]

[Asia Economy Beijing=Special Correspondent Kim Hyunjung] With a major reshuffle of China’s economic task force and diplomatic team, it is expected to strengthen President Xi Jinping’s 'one-man system.' Amid challenges such as the deepening US-China conflict, domestic economic downturn, and the ongoing war in Ukraine, attention is focused on another key appointment in Xi Jinping’s third term.

After the closing of the 20th National Congress of the Communist Party of China on the 22nd, the list of 205 members of the Party Central Committee did not include current economic task force figures such as Vice Premier Liu He, People’s Bank of China Governor Yi Gang, People’s Bank of China Deputy Governor and Banking and Insurance Regulatory Commission Chairman Guo Shuqing, and Finance Minister Liu Kun. It is expected that they will step down following the National People’s Congress (NPC) in March next year.

Vice Premier Liu was regarded as the 'powerful figure' who effectively replaced Premier Li Keqiang, who was under President Xi’s control. He was a middle school classmate of Xi Jinping and was also called 'Xi Jinping’s economic strategist.' However, at the age of 70 this year, his retirement was naturally decided.

The leading candidate for the next Vice Premier is He Lifeng, Chairman of the National Development and Reform Commission. Having worked with President Xi in Fujian Province, he is classified as a 'Xi faction' member and participated in large-scale projects such as the Belt and Road Initiative. He is also known for his opposition to overheating in the real estate market and has voiced support for stabilization.

For the successor to Governor Yi Gang, Yin Yong, Vice Mayor of Beijing, and Yi Huiman, Chairman of the Securities Regulatory Commission, are mentioned. Yin Yong previously served as Deputy Governor of the People’s Bank of China, and Yi Huiman is a financial expert who worked at the Industrial and Commercial Bank of China for 40 years. Bloomberg News also predicted that Zhu Hexin, Chairman of CITIC Securities, China’s largest securities firm, and Liu Guiping, Vice Mayor of Tianjin, could be included in the new economic team.

The diplomatic team will also be abruptly reshuffled. With the retirement of 72-year-old Yang Jiechi, a member of the Political Bureau responsible for foreign affairs and Director of the Central Foreign Affairs Office, it is highly likely that Wang Yi, State Councilor and Foreign Minister, will enter the Central Political Bureau and take charge of the diplomatic command. For Wang’s successor as Foreign Minister, Qin Gang, Ambassador to the United States and symbol of 'Wolf Warrior' diplomacy, is mentioned. Having worked at the Ministry of Foreign Affairs for 30 years since 1992, he has led China’s tough diplomacy toward the US.

Additionally, Liu Jianchao, Director of the Central Foreign Affairs Office, Qi Yu, Party Secretary of the Ministry of Foreign Affairs, and Liu Haixing, Deputy Director of the Central National Security Commission Office, were named as members of the 20th Central Committee. Liu Jieyi, Director of the Taiwan Affairs Office, is expected to retire as he is not included in the 20th Central Committee, so it is anticipated that a new figure will handle Taiwan-related responses.