World IN BRIEF : CHINA : Finance Minister Quits After 11 Years
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Chinese Finance Minister Wang Bingqian, who had come under increasing pressure for the country’s widening budget deficits, resigned. The state-run New China News Agency gave no reason why Wang, 67, stepped down after 11 years as China’s top budgetary official. The news agency said Wang’s replacement is Liu Zhong-li, a 57-year-old deputy secretary general of the State Council, China’s Cabinet. It was unclear if Wang resigned voluntarily. He may have been asked to step aside so others can implement difficult reforms to streamline moribund state industries and move toward a market-style economy.
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