(Yicai) Oct. 29 -- The International Monetary Fund’s Managing Director Kristalina Georgieva has proposed appointing Liao Min, China’s vice minister of finance, as the IMF’s next deputy managing director, to succeed Li Bo, whose term ends at the end of next month.

The appointment will take effect on Dec. 1, the Washington, D.C.-based IMF said on its website yesterday. Liao will be the IMF’s fourth deputy managing director of Chinese nationality following Zhu Min, Zhang Tao and Li.

“Liao is a highly respected policymaker with more than three decades of experience in banking, financial regulation and macroeconomic governance,” Georgieva said on announcing the proposed appointment.

“He has played an active role in global macroeconomic policy coordination as well as bilateral and multilateral cooperation on fiscal, financial and trade issues. His experience bridging domestic reform and international economic cooperation will be a tremendous asset to the IMF and its member countries,” she added.

The IMF also highlighted Liao’s expertise in coordinating fiscal and monetary policies.

58-year-old Liao obtained a master’s degree in economics from Peking University in 1993 and a Master of Business Administration from the University of Cambridge in 2006.

Liao has held positions at the People’s Bank of China, financial regulatory departments as well as banking and financial institutions. He has served as China’s vice minister of finance since May 2018 and joined the PBOC’s Monetary Policy Committee in 2023.

Editor: Kim Taylor