“Bankers are now in demand, as local governments are increasingly exposed to financial risks,” said Feng Chucheng, a partner at Plenum, an independent research platform in Hong Kong. “These ex-bankers and regulators are given the task of preventing and mitigating major financial risks,” he said. “We need to be well-prepared with contingency plans,” Xinhua news agency said after a major annual economic meeting headed by Xi this month. Xi started to stress the importance of financial expertise and to elevate the status of executives in 2017. “Political cadres, especially the senior ones, must work hard to learn financial knowledge and be familiar with financial sectors,” Xi said in a national meeting on financial affairs.

Source: Taipei Times December 27, 2019 15:56 UTC