On July 1, 2023, Pan Gongsheng became the party chief of the People’s Bank of China (PBOC) appointed by the ruling Communist Party of China. This role holds great significance within the central bank and is often a stepping stone to the position of PBOC governor. The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has also recognized Pan as the head of the PBOC, suggesting that he is likely to succeed Yi Gang, the current governor.
However, the Chinese government has not yet made an official announcement regarding Pan’s appointment as the PBOC governor. It is possible that they are waiting for a more opportune time, potentially after the 20th National Congress of the Communist Party of China concludes in October 2022.
Pan Gongsheng is a career technocrat with extensive experience in the Chinese financial system. He has held senior positions at the PBOC, including deputy governor since 2012, and previously served as a vice chairman of the China Banking Regulatory Commission (CBRC). Pan is highly regarded for his expertise in monetary policy and financial regulation, and he is considered a close ally of Chinese President Xi Jinping.
If Pan does assume the role of PBOC governor, it will have significant implications for Chinese economic policy. He is expected to continue the PBOC’s efforts to support economic growth and maintain financial stability. Furthermore, he will likely play a crucial role in implementing President Xi Jinping’s economic agenda, which involves strengthening the influence of state-owned enterprises and reducing financial risk.
