The nominal legislature in China, the National People’s Congress, has just rubber-stamped a new government for the next five years. There is a new leadership team for finance and the economy, and a range of institutional reforms approved at the NPC that will have profound implications on China’s macroeconomic management.

Yi Gang, who was tipped to step down as he was reaching the official retirement age for his rank and did not make it into the Communist party’s central leadership committee