The Fourth Session of the 14th Standing Committee of the National People’s Congress was held at the Great Hall of the People in Beijing on July 25th. The meeting decided through voting to relieve Yi Gang of his position as the Governor of the People’s Bank of China (PBOC), and appointed Pan Gongsheng as the new Governor. President Xi Jinping signed Presidential Order No. 8, with Zhao Leji, the Chairman, presiding over the meeting.
On July 1st, the PBOC held a leadership meeting where the Central Organization Department announced Pan Gongsheng as the Party Secretary of the PBOC, relieving Guo Shuqing and Yi Gang of their party secretary and deputy secretary positions, respectively. There had been speculations that Pan Gongsheng would succeed Yi Gang, who had been PBOC Governor since 2018 and has now reached the retirement age of 65.
According to Economic Observer, Pan Gongsheng was transferred from his position as Deputy Governor of the Agricultural Bank of China (ABC) to Deputy Governor of the PBOC in June 2012. He held this position for 11 years, seven of which he concurrently served as the Director of the State Administration of Foreign Exchange.
Pan Gongsheng began his career in banking. In 1993, after receiving his Ph.D. in Economics from Renmin University of China, he joined the Industrial and Commercial Bank of China (ICBC). He was involved in the share reform and listing of both the ICBC and the ABC, and was considered an important contributor to the successful listings. He was hailed as a young banker of the “young and vigorous faction.”
In June 2012, Pan Gongsheng joined the PBOC as Deputy Governor, responsible for various departments including the General Office, the Financial Markets Department, and the Financial Stability Bureau. He began concurrently serving as the Director of the State Administration of Foreign Exchange in January 2016.
Analysts have praised Pan Gongsheng as a technical financial official. His experience managing banking finance and accounting business has given him intimate knowledge of financial indicators. His research experiences at Cambridge University and Harvard University have endowed him with international perspectives.
At the Lujiazui Forum in June this year, Pan Gongsheng noted in his speech that the domestic economy is generally recovering, market demand is steadily recovering, and supply is continuously increasing, but the endogenous power is not strong, and demand-driven is still insufficient.
The Economic Observer noted that how to balance economic growth and risk prevention while exercising the duties of the central bank is a new proposition for the incoming governor. “Now, the baton of financial reform, development, and stability has been passed to Pan Gongsheng, a seasoned financial veteran whose career has evolved with the modernization of China’s banking industry. His approach to these issues during his tenure deserves attention.”
Pan Gongsheng’s Resume:
Pan Gongsheng, male, born in 1963, holds a Ph.D. in Economics and is a researcher. His career includes:
- From September 1980 to July 1987, he was a student in the Accounting Department of Zhejiang Metallurgical Economics Vocational College and later a teacher in the Economics Department.
- From September 1987 to July 1993, he was a master’s student at the School of Labor and Human Resources of Renmin University of China, then a doctoral student in the Department of Economics.
- From August 1993 to April 2008, he held various roles in the Industrial and Commercial Bank of China (ICBC), including Deputy Head of the Real Estate Credit Department, Head of the Planning and Finance Department, Deputy General Manager of the Human Resources Department, and Secretary of the Board of Directors.
- From April 2008 to June 2012, he served as a member of the Party Committee, Deputy Governor, and Executive Director of the Agricultural Bank of China (ABC).
- In June 2012, he became a member of the PBOC Party Committee and Deputy Governor.
- In December 2015, he served as a member of the PBOC Party Committee, Deputy Governor, and Secretary of the Party Group of the State Administration of Foreign Exchange.
- In January 2016, he served as a member of the PBOC Party Committee, Deputy Governor, and Secretary and Director of the Party Group of the State Administration of Foreign Exchange.
- In 2023, he became the Party Secretary of PBOC and the Governor of the People’s Bank of China.