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China finance minister steps down China finance minister steps down
(about 3 hours later)
The Chinese Finance Minister, Jin Renqing, has resigned for personal reasons, the government has announced.The Chinese Finance Minister, Jin Renqing, has resigned for personal reasons, the government has announced.
Mr Jin will be transferred to a Communist Party think-tank where he will be deputy chief, a government statement said. Mr Jin, 63, will be transferred to a Communist Party think-tank where he will be deputy chief, a government statement said.
The 63-year-old has been in the post since 2003. There has been no formal announcement yet as to his successor. His resignation is not believed to be linked to his job performance as China's economy is doing well, correspondents say.
The move comes amid rising concerns over accelerating inflation in China and a surging stock market. However, Hong Kong media have been speculating about his private life.
"Due to personal reasons, comrade Jin Renqing has tendered his resignation and the central government has accepted his request," a State Council official said."Due to personal reasons, comrade Jin Renqing has tendered his resignation and the central government has accepted his request," a State Council official said.
His appointment to the State Council's Development Research Centre had already been approved, the official told the French news agency AFP.His appointment to the State Council's Development Research Centre had already been approved, the official told the French news agency AFP.
The move comes ahead of the ruling Communist Party's five-yearly National Congress, which is due to open on 15 October. There has been no formal announcement yet as to his successor.
The congress brings together about 2,000 senior party officials to set out the country's priorities for the years ahead. Alleged scandal
President Hu Jintao is expected to consolidate his power at this year's meeting with a leadership reshuffle. Since Jin Renqing took over as finance minister four years ago, China's economy has been in good shape, says the BBC's Michael Bristow in Beijing.
Tax revenues are up, as is the trade surplus and the country has amassed the world's largest foreign currency reserves.
And although China is experiencing its highest level of inflation in 10 years, analysts say the resignation has nothing to do with the economy.
"Everything I have been told suggests that it's for non-policy reasons," Stephen Green, senior economist at Standard Chartered bank in Shanghai, told the BBC.
Hong Kong newspapers have linked the former finance minister with a sex scandal involving a disgraced party official.
If that were behind the move, it will certainly come as a blow to the Communist Party, which is just weeks away from its most important political meeting in five years, our correspondent adds.
The National Congress is due to open on 15 October.