Zhou, who just turned 70, appears to have engineered a path for Guo Shuqing, a reform-minded, former People’s Bank of China (PBOC) deputy, to replace him. I list Zhou before Xi here because he’s the real driving force behind the biggest Chinese reforms since 2002. In recent years, though, Beijing shifted from retooling to stimulus—in a big way, adding tens of trillions of dollars in new credit. None loom larger in Beijing’s cross hairs than globally-acquisitive giants such as Anbang Insurance Group, Dalian Wanda Group, Fosun Group, HNA Group and Zhejiang Luosen Neili. Yet, it’s heartening to see Xi leaning toward a PBOC successor with an intimate understanding of the mechanics behind China’s credit and debt excesses.

Source: Mint February 08, 2018 19:52 UTC