On March 19, the central bank released an updated list of members of the Monetary Policy Committee of the People's Bank of China. The list showed that 4 people including Yi Huiman withdrew, and 4 people including Wu Qing joined.
This is also the first time that the members of the Monetary Policy Committee have been adjusted after the revision of the "Regulations on the Monetary Policy Committee of the People's Bank of China".
Pan Gongsheng is the chairman of the committee
The Monetary Policy Committee of the People's Bank of China was established in July 1997. It is an advisory and deliberative body for the central bank to formulate monetary policy.
Article 12 of the "People's Bank of China Law" revised on December 27, 2003 clearly states:
The People's Bank of China establishes a Monetary Policy Committee. The responsibilities, composition and working procedures of the Monetary Policy Committee shall be prescribed by the State Council and reported to the Standing Committee of the National People's Congress for the record. The Monetary Policy Committee of the People's Bank of China should play an important role in national macro-control, monetary policy formulation and adjustment.
The responsibilities of the Monetary Policy Committee are:
On the basis of a comprehensive analysis of the macroeconomic situation and in accordance with the national macro-control objectives, the responsibilities of the Monetary Policy Committee are to discuss the formulation and adjustment of monetary policy, monetary policy control objectives within a certain period, the use of monetary policy tools, and relevant currency Important policy measures, coordination of monetary policy and other macroeconomic policies involve monetary policy and other major matters, and make suggestions. The latest list released by
shows that the Monetary Policy Committee currently has 14 members, and the chairman is Pan Gongsheng, Governor of the People's Bank of China.
Members of the Monetary Policy Committee include financial experts and heads of relevant government departments, from the National Development and Reform Commission, the Ministry of Finance, the Central Bank, the State Administration of Financial Supervision, the China Securities Regulatory Commission, the National Bureau of Statistics, the State Administration of Foreign Exchange, etc.
Wu Qing has a new identity, Yi Huiman and others withdrew
In December 2023, the Monetary Policy Committee of the People's Bank of China held the fourth quarter regular meeting of 2023.
reported at the time that the meeting was chaired by Pan Gongsheng, Governor of the People's Bank of China and Chairman of the Monetary Policy Committee, and members of the Monetary Policy Committee Liao Min, Zhang Qingsong, Li Yunze, Yi Huiman, Kang Yi, Zhu Hexin, Liu Shijin, Cai Fang, and Wang Yiming attended the meeting . Xu Shouben, Li Chunlin, Liu Guoqiang and Tian Guoli took leave due to official duties.
Compared with the previous list, after adjustment, there are four new faces, namely:
Wu Qing, Chairman of the China Securities Regulatory Commission, Xuan Changneng, Deputy Governor of the People's Bank of China, Huang Yiping, Dean of the National Development Research Institute of Peking University, Tsinghua University Huang Haizhou, Distinguished Professor of PBC School of Finance.
In addition, Yi Huiman, Liu Shijin, Cai Fang, and Liu Guoqiang resigned from the Monetary Policy Committee of the People's Bank of China.
In February this year, Wu Qing succeeded Yi Huiman as Secretary and Chairman of the Party Committee of the China Securities Regulatory Commission.
Wu Qing, male, born in April 1965, Han nationality, member of the Communist Party of China, started working in January 1989, graduate student, Ph.D. in economics.
Wu Qing has worked in the securities regulatory system for many years and has rich experience in the financial industry.
In September 2019, Wu Qing was appointed as a member of the Standing Committee of the Shanghai Municipal Committee and deputy mayor. In December 2021, he was appointed as the executive deputy mayor. In July 2023, Wu Qing was appointed deputy secretary of the Shanghai Municipal Party Committee, and later concurrently served as secretary of the Political and Legal Affairs Committee of the municipal party committee.
Before resigning, Yi Huiman had served as the "top leader" of the China Securities Regulatory Commission for 5 years.
Yi Huiman, male, Han nationality, born in December 1964, holds an EMBA degree and is a member of the Communist Party of China. In January 2019, Yi Huiman was appointed Secretary of the Party Committee of the China Securities Regulatory Commission and Chairman of the China Securities Regulatory Commission.
In addition, Xu Changneng, a newly joined member of the Monetary Policy Committee of the People's Bank of China, will serve as deputy governor of the People's Bank of China from October 2022.
Among the people who quit, Liu Guoqiang is the former deputy governor of the People's Bank of China.
The first
This adjustment is also the first adjustment to the members of the Monetary Policy Committee after the revision of the "Regulations on the Monetary Policy Committee of the People's Bank of China".
In January 2024, Premier Li Qiang signed an order of the State Council and announced the "Decision of the State Council on Amending Some Administrative Regulations and Decisions of the State Council", which amended the "Regulations of the Monetary Policy Committee of the People's Bank of China".The main modifications of
include clearly stipulating that the work of the Monetary Policy Committee adheres to the leadership of the Communist Party of China; adjusting the units and personnel of the Monetary Policy Committee, etc.
Added an article to the "Regulations of the Monetary Policy Committee of the People's Bank of China", "The work of the Monetary Policy Committee shall adhere to the leadership of the Communist Party of China, promote and improve the modern monetary policy framework, and report important matters to the Party Central Committee and the State Council."
Change Article 5 to Article 1 Article 6 is revised to read: The Monetary Policy Committee shall be composed of the following units and personnel:
The Governor of the People's Bank of China;
1 Deputy Secretary-General of the State Council;
1 Deputy Director of the National Development and Reform Commission;
1 Deputy Minister of Finance;
2 deputy governors of the People's Bank of China;
Director of the State Financial Supervision Administration;
Chairman of the China Securities Regulatory Commission;
Director of the National Bureau of Statistics;
Director of the State Administration of Foreign Exchange;
President of the China Banking Association;
Expert member 3 people.
The adjustment of the units and personnel of the Monetary Policy Committee shall be decided by the State Council.
In addition, Article 6 is changed to Article 7, which is revised to read:
"Members of the Monetary Policy Committee include ex-officio members and nominated members. The Governor of the People's Bank of China, the Director of the State Financial Supervision Administration, the Chairman of the China Securities Regulatory Commission, the National The Director of the State Administration of Foreign Exchange shall be an ex-officio member of the Monetary Policy Committee.
The other members of the Monetary Policy Committee shall be the nomination committee members, whose candidates shall be nominated by the People's Bank of China or the People's Bank of China in consultation with relevant departments and submitted to the State Council for appointment."
The above-mentioned regulations also make it clear that the appointment of If a person is no longer able to represent the relevant unit as a member of the Monetary Policy Committee due to changes in his position during this period, the People's Bank of China shall apply to the State Council to remove him or her from the position of member of the Monetary Policy Committee. (according to political circles)