China retained central bank Governor Yi Gang among other top economic officials, in a surprise move as Beijing looks to boost investor confidence and steer the nation’s post-COVID recovery, Bloomberg reported. Yi will remain as the head of the People’s Bank of China, according to a list of names nominated to the National People’s Congress — the annual parliamentary gathering — on Sunday.

Yi plays no role in making monetary policy, unlike his counterparts in other major economies. His official duties lie in "implementing monetary policy", or carrying out decisions made by a policymaking body whose membership is a secret.

Meanwhile, China named Li Shangfu, a US-sanctioned general, as its new defence minister. Li has been under US sanctions since 2018 over the purchase of combat aircraft and equipment from Russia's main arms exporter, Rosoboronexport, Reuters said.

Who's who in China govt now?

President Xi Jinping’s trusted ally Li Qiang was confirmed as the new Premier to revive the world's second-largest economy hit by three years of 'zero-Covid' restrictions and worsening relations with the West. Qiang, 63, succeeded Li Keqiang, 67, who held the post for the last 10 years.

He Lifeng, 68, a long-time Xi associate and former head of the nation’s economic planning agency, was named vice premier — a post widely expected to put him in charge of economic policy. Zheng Shanjie, previously the top official in Anhui province, was selected to replace He as head of the National Development and Reform Commission.

Liu Kun was retained as finance minister, while Wang Wentao will also stay on as commerce minister. Chen Yixin and Wang Xiaohong remained as ministers of state security and public security, respectively. Also, Qin Gang and He Rong remained as ministers of foreign affairs and justice, respectively.

China's economic recovery post COVID

The appointments came against the backdrop of an uncertain growth outlook as China gradually recovers from three years of pandemic turmoil and an ongoing property market slump. While there are recent signs of a rapid pickup in consumer spending after the country dropped COVID restrictions at the end of 2022, global growth has weakened and exports continue to shrink.

Last year’s growth fell to 3 percent, the second-weakest level since at least the 1970s, putting president and head of the ruling Communist Party Xi Jinping under exceptional pressure to revitalise the economy.

(With inputs from agencies)