BEIJING—China removed its high-profile, reformist finance minister from the post in a shuffle that comes as President Xi Jinping positions trusted allies in key roles and Beijing prioritizes short-term growth over major overhauls. The shuffle put more senior government posts in the hands of Xi loyalists ahead of a twice-a-decade Communist Party Congress next fall that will shape policy for years to come. Mr....
President Xi Jinping has ousted the high-profile, reformist finance minster, Lou Jiwei, as he looks to put loyalists in key positions. Jinping still faces areas of political resistance and wants to consolidate his power further, however there are concerns he is increasingly focusing on hitting growth targets and suppressing dissent, rather than tackling more urgent issues, such as restructuring the economy. “Lou Jiwei’s abrupt ouster sends a strong signal that any prospects of even limited economic reforms are falling prey to President Xi’s focus on consolidating his power,” said Professor Eswar Prasad at Cornell University. This latest move follows the rare intervention in Hong Kong politics and a strategy to boost coal power, despite the pledge to cut China's air pollution.