NEW FINANCIAL CHIEF MOOTED IN CHINA MINISTERIAL RESHUFFLE

A former mayor of Beijing is expected to become the head of a newly created financial ‘super ministry’ as a result of the latest parliamentary reshuffle of President Hu Jintao’s reign, according to Reuters . The new ministry will combine the banking, securities and insurance sectors at a time when China is expanding on the liberalisation of its financial markets and the access granted to foreign investors. Wang Qishan, who will become vice premier in charge of financial affairs, was formerly mayor of Beijing during the SARS crisis of 2003. He has also served as vice governor of the central bank between 1993 and 1994; president of state-owned China Construction Bank between 1996 and 1997; and oversaw the rehabilitation of the trust sector in China following the collapse of Guangdong International Trust and Investment Group in 1998.