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Finance Minister resigns as China’s deficit widens
BEIJING. Sept 5: Chinese Finance Minister Wang Bing-gian, who presided over a broadening budget deficit as Beijing sought to keep sagging state industries afloat, resigned on Friday after J 1 years in office, reports Reulcr.
The official Xinhua news agency, announcing the move, said Wang, 67. would retain his position as a state councillor, or member of China s cabinet
The standing committee of China's rubber-stamp parliament approved Wang's resignation, and named former Vice Finance Minister Liu Zhongli, 57, to replace him.
The committee also removed Railways Minister Li Scnmao, 63, whose reign over the nation's rail transport sys tem has seen it struggle to keep up with the demands of Chinas accelerating economic growth, for reasons of ill health. Xinhua said.
The changes were announced before a key communist party congress to be held later this year which is expected to study possible broader reshuffles of China's leadership.
Senior leader Deng Xiaoping. 88. has stepped up his calls for China's old guard to step aside in favour of younger officials since he launched his latest drive for faster economic reform in January.
Wang Is a member of the communist party's central committee, while Li is an al-' ternate member.
Neither man is seen as an Important political player In Beijing, however, and both kept to the middle road as they made their ascent through the bureaucracy
Wang become Finance Minister tn 1980 and was known for his frank assessments of China s financial situation.
From the late 1980 s he repeatedly warned Beijing's po
Iltlcal planners of the dangers inherent in their policy of funnelling billions of dollar in subsidies into inefficient state industries to preserve their role as the backbone of China s socialist economy.
In his report to the full meeting of parliament in March. Wang effectively admitted that efforts to shake up government enterprises were floundering when he set China's 1992 budget deficit target at 20.78 billion yuan (3.8 billion dollar).
In 1991. the deficit hit 20.26 billion yuan (3.7 billion dollar), overshooting the original target by 7.92 biMion yuan (1.35 billion dollar).
Wang attributed the 1991 overrun to loose management, expenses for over staffed departments. sightseeing and banquets with public funds, too many subsidies and bonuses. He has said he sees little hope of improvement this year. _