SINGAPORE—Beijing is set to appoint a lawyer with deep U.S. experience as its top representative to the International Monetary Fund, according to people familiar with the decision, as Beijing seeks to repair its relationship with Washington and gain a greater voice in the multilateral economic arena.
Li Bo, a veteran at China’s central bank who helped draft key regulations on money laundering, cross-border transactions and credit reporting, will replace Zhang Tao as a deputy managing director at the IMF, the people said. Mr. Li is currently a vice mayor of Chongqing, a southwestern Chinese metropolis that has served in the past as a steppingstone to higher office.
The appointment is likely to be announced shortly after this year’s meeting of the National People’s Congress, which begins Friday and is China’s largest political event of the year, bringing together thousands of political elites to approve personnel appointments, discuss foreign-policy issues and set longer-term economic plans.
During this year’s mostly virtual event, officials will approve a high-level policy blueprint and discuss ways to curb the influence of Hong Kong opposition groups on a body that selects the city’s top official.
Another priority for delegates will be China’s ties with the U.S. under President Biden, after four years of souring relations under his predecessor, Donald Trump. The planned appointment of Mr. Li, who worked at New York law firm Davis Polk & Wardwell LLP, could help China further deepen its relationships on Wall Street, according to one of the people.
A spokeswoman for the IMF declined to comment. Spokespeople for the Chongqing municipal government didn’t immediately reply to a request for comment.
Mr. Li, 49 years old, earned a law degree from Harvard Law School and a doctorate in economics from Stanford University. Zhou Xiaochuan, governor of the People’s Bank of China for almost 16 years from December 2002, recruited Mr. Li to join the Chinese central bank in 2004.
Mr. Li’s experience in the U.S., and in the private sector in particular, sets him apart from the majority of senior Chinese officials. His appointment comes as Beijing is facing pressure from multinational economic organizations on matters such as its loans to developing nations, which some critics have derided as “debt traps.”
In recent years, China has increased its contributions to, and its interactions with, organizations like the IMF and the World Bank. But the deepening ties have attracted scrutiny from some U.S. officials. The Trump administration nominated David Malpass, a critic of China’s foreign lending practices, to lead the World Bank.
Mr. Malpass has questioned China’s approach to lending and pushed China for more transparency, taking aim in particular at nondisclosure agreements written into Chinese foreign lending contracts.
Cai Yunge, the supervisory board chairman of China’s Bank of Communications Co., will take over Mr. Li’s current job in Chongqing, according to people familiar with the matter.
Write to Keith Zhai at [email protected]
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