• Reuters

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Liu He, a key economic adviser to China’s President Xi Jinping, was elected by parliament Monday to be a vice premier, and vice central bank Gov. Yi Gang was chosen to take over the helm at the People’s Bank of China.

Liu’s promotion telegraphs Beijing’s intention to press ahead with a clampdown on riskier financing, and a rapid build-up in debt to reduce systemic risks to the world’s second-largest economy.

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