Lou Jiwei replaced
China is trying to make a deal with the US to open up the country further, limit government interference and let companies thrive.
Yet China is also replacing people internally who are trying to do the same thing.
Lou Jiwei was once a prominent policymaker at the PBOC, head of the sovereign wealth fund and was the finance minister from 2013 until 2016. Since then, his downfall has been swift. He was sent to lead the social security fund in late 2016 and how has been replaced.
The latest move comes after he criticized Made in China 2025.
"I was against it from the start," he recently told the South China Morning Post. He has been a critic of massive government subsidies to specific industries and has long advocated for the market to play a greater role in allocating resources.
The US may take note. It also comes as Xi Jinping continues to consolidate power and push out rivals and critics.
Here's a 2016 FT article from when Lou was ousted from the finance ministry.
