China Monday replaced finance minister Lou Jiwei, state media reported, with some analysts predicting more fiscal stimulus in the world's second-largest economy. Lou was relieved of his duties and replaced by 59-year-old Xiao Jie, the deputy secretary-general of the State Council, or cabinet, Xinhua news agency reported without giving more details.
Lou, 65, had been the finance minister since March 2013, presiding over a stock market boom encouraged by authorities - followed by a rout in the middle of last year. Lou's successor Xiao, originally from the north-eastern province of Liaoning, spent nearly two decades at the finance ministry and was appointed head of the State Administration of Taxation in 2007.