China forms new economic team as President Xi kicks off second term

By Shu Zhang and Christian Shepherd BEIJING (Reuters) - China elevated a key confidante of President Xi Jinping to one of the top positions in government on Monday as Beijing cracks down on riskier financing and a debt build-up that may pose systemic risks to the world's second-largest economy. The endorsement of Liu He as a vice premier by the country's largely rubber-stamp parliament also comes as the United States presses China to cut its trade surplus by $100 billion. While most of the personnel changes on the government's economic team were widely anticipated, the choice of Yi Gang as the new head of the People's Bank of China (PBOC) was unexpected.

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