IMF proposes China’s Min Liao as deputy managing director, Bo Li to exit in November

The International Monetary Fund (IMF) has proposed China’s Vice Minister of Finance Min Liao as its next Deputy Managing Director, succeeding Bo Li, whose term ends on November 30, 2026.

IMF Managing Director Kristalina Georgieva announced the proposed appointment on Thursday, with Liao expected to take up the role from December 1, 2026.

Li joined the IMF in August 2021 and has served as Deputy Managing Director, overseeing the Fund’s work on around 90 member countries and a range of policy issues.


“Since joining the IMF in August 2021, Bo has been an outstanding member of our senior management team and a dear friend to so many of us,” Georgieva said, adding that he had helped guide the institution through some of the most turbulent years for the global economy.

During his tenure, Li led the launch of the IMF’s first Enterprise Risk Management policy and roadmap and the modernisation of its data governance framework. He also guided the Fund’s work on digital money, cross-border payments and stablecoin regulation.

Li championed the IMF’s engagement with small developing states, supported debt restructurings under the Common Framework and guided its work on governance and corruption. More recently, he spearheaded efforts to integrate artificial intelligence into the Fund’s surveillance, lending and capacity development activities.

“Bo leaves a lasting mark on the Fund and will be greatly missed,” Georgieva said, thanking him for his counsel and dedication to the institution and its members.

Liao has served as China’s Vice Minister of Finance since May 2018. Until 2023, he also held the position of Vice Minister of the Office of the Central Financial and Economic Affairs Commission. He has been a member of China’s Monetary Policy Committee since 2023.

Describing Liao as a highly respected policymaker, Georgieva said he brought more than three decades of experience in banking, financial regulation and macroeconomic governance. She also highlighted his involvement in global macroeconomic policy coordination and bilateral and multilateral fiscal, financial and trade cooperation.

Before his current role, Liao served as Director-General of the Bureau of International Economy at the Central Leading Group for Financial and Economic Affairs.

He began his career at the People’s Bank of China, China Everbright Group and Bank of China. He later held positions at the China Banking Regulatory Commission, including Director-General of its General Office, and served as Director-General of the Shanghai Banking Regulatory Bureau.

Liao has also undertaken research in finance, banking supervision, macroeconomic policy and international financial governance. He holds a master’s degree in economics from Peking University and an MBA from the University of Cambridge.