IMF Taps China's Deputy Finance Minister Liao Min for Top Role

The International Monetary Fund has recommended Liao Min, China's Deputy Minister of Finance, for appointment as its next Deputy Managing Director. He is expected to take over from Bo Li, whose current term ends next month.

IMF Managing Director Kristalina Georgieva revealed on Wednesday that Bo Li will step down after completing his term on November 30. Liao Min has been proposed to begin his tenure on December 1.

Georgieva highlighted Liao Min's standing as a seasoned policymaker, pointing to more than thirty years of work in banking, financial regulation and macroeconomic governance.

“Liao has played an active role in coordinating global economic policy and in cooperation on finance, fiscal affairs and trade, both bilaterally and across multilateral platforms,” she remarked. “His insight, drawn from the nexus of domestic reform and international economic engagement, will be extremely beneficial for the IMF and its membership.”

Since May 2018, Liao Min has served as Deputy Minister of Finance in China. Up to 2023, he was also a deputy minister in the Central Financial and Economic Affairs Commission Office. Since 2023, he has been a member of the Monetary Policy Committee.

Liao started his career at the People's Bank of China, China Everbright Group and Bank of China. He then undertook various key roles at the China Banking Regulatory Commission, including the position of Director-General of the Shanghai Bureau. He holds a master's degree in economics from Peking University and an MBA from Cambridge University.

Georgieva also paid tribute to Bo Li's contribution. After joining the senior leadership team in August 2021, she said, Bo Li guided the IMF effectively through some of the most testing years for the global economy.

As Deputy Managing Director, Bo Li oversaw the IMF's engagement with around 90 member countries. He led work on digital currencies, cross-border payments, stablecoin regulation, debt restructuring under the G20 Common Framework and, more recently, artificial intelligence.

China has held this post for more than a decade, a fact that reflects its substantial stake and influence within the IMF. The proposed appointment arrives as India and several other emerging economies seek a larger voice and fairer representation in the Fund through quota reforms.