Chongqing mayor tipped to take over as Premier Li’s right-hand man
Huang Qifan, who would replace Yang Jing, has strong track record overseeing steady economic growth in the southern municipality, sources say
The mayor of one of China’s most dynamic cities has emerged as the front runner to become Premier Li Keqiang’s lieutenant to help tackle the slowing economy and turbulent financial markets, sources said.
Huang Qifan, 63, mayor of the southwestern metropolis of Chongqing since 2010, was tipped to replace Yang Jing, 62, as secretary general of the State Council, or cabinet, two sources with ties to the leadership and two financial industry sources said.
“Huang Qifan did an excellent job in Chongqing,” one source with leadership ties said. “Hopefully, his appointment would boost investors’ confidence and stabilise the stock market.”
The planned personnel change comes after renewed turmoil in mainland China’s stock and currency markets sparked fresh concerns that the regulatory structure was not up to the task of maintaining market stability as economic growth stalls.
The central bank’s move to soften the exchange rate last week triggered panic selling in shares.
The State Council secretary general helps the premier oversee the entire spectrum of portfolios from the economy to finance, industry, agriculture, energy, the environment, state planning and technology, among others.
The State Council Information Office did not immediately respond to faxed requests for comment and the Chongqing government declined to immediately comment when reached by telephone.
The municipality’s economy grew at 11 per cent in the first nine months of last year from a year earlier, versus 10.9 per cent in the whole of 2014, defying overall slowing economic growth in the world’s second largest economy.
It also retained its lead among 31 provinces and provincial-level municipalities.
If confirmed, Huang would be the sixth most powerful cabinet official after Li and four vice-premiers, the sources said.
While the exact nature of his role was unclear, Huang would help Li coordinate various ministries and technically have similar, if not more clout than the vice-premiers, who have specific portfolios, the sources added.
An announcement could come after a meeting of the elite Standing Committee of the National People’s Congress this month or next, or during the legislative body’s annual full session in March.
The Communist Party’s Organisation Department, which is responsible for personnel changes, had done background checks on and spoken to three candidates in recent months, the sources said.
“Huang Qifan is the front runner,” a second source with leadership ties said.
The others are Bayin Chaolu, who turns 61 this year and is party boss of the northeastern province of Jilin, and You Quan, 62 this month and party boss of the southeastern province of Fujian.
The sources spoke on condition of anonymity because they were not authorised to speak to the media, and the planned personnel change was still being finalised.
Huang, who holds a rank equivalent to a cabinet minister, is near the retirement age of 65 for officials of his seniority. But it is not unusual for key appointees to work past retirement age. Zhou Xiaochuan, who runs the central bank, is 67.
