Chinese defense minister Li Shangfu disappeared from public view two months ago and there was a report that he was under investigation for corruption related to equipment procurement and development.
He hasn’t been seen in weeks and was officially stripped of the top defense post today, with no replacement named. He was only named to the post in March.
Qin Gang, who was removed as foreign minister in July, was further stripped of his state councillor position today as well.
Finally, Chinese President Xi Jinping made an unusual visit to the PBOC today. He had never previously visited the central bank and he also visited the nation’s massive sovereign wealth fund.
The moves may be unrelated but everyone is trying to connect the dots. One takeaway is likely that Xi would like to see stronger capital markets and could be a signal that Beijing is still focused on growth.
