International Monetary Fund (IMF) Managing Director Kristalina Georgieva has proposed appointing China’s Vice Minister of Finance Liao Min as the fund’s deputy managing director to succeed Li Bo, whose term ends on November 30, according to an IMF statement released on Wednesday.
The proposed appointment will take effect on December 1.
Georgieva described Liao as a highly respected policy-maker with more than three decades of experience in banking, financial regulation and macroeconomic governance, highlighting his extensive involvement in international macroeconomic policy coordination and fiscal, financial and trade cooperation.
She said that Liao’s experience in China’s financial system reform and international economic cooperation would be a valuable asset to the IMF and its member countries.
Liao has served as China’s vice minister of finance since May 2018. He has been a member of the People’s Bank of China’s Monetary Policy Committee since 2023.
Li Bo joined the IMF’s senior management team in August 2021 after serving as deputy governor of the People’s Bank of China. During his tenure, he oversaw the fund’s work involving about 90 member countries and contributed to policy initiatives covering digital money, cross-border payments, stablecoin regulation and artificial intelligence.
The proposed leadership transition would maintain the presence of Chinese officials in the IMF’s senior management, with a Chinese official having held one of the fund’s deputy managing director posts since 2011.
Chinese nationals also hold senior positions at other major international financial institutions.
At the World Bank Group, Zhang Wencai has served as managing director and chief administrative officer since March 2024. Zhang, formerly vice president of the Export-Import Bank of China, oversees major corporate functions, including budget planning, strategic coordination and risk management.
These appointments reflect China’s growing role in global economic and financial governance. The IMF estimates that China contributed around 30 percent of global economic growth over the past three years, while China has continued to participate in shaping international monetary and financial rules.
