Minister of Finance Lin Chuan (
"Yang's experience in the nation's banking sector, capital markets and industrial development makes him highly qualified for the vice-minister position," Lin said at a press conference yesterday afternoon.
Lin added that Yang's extensive experience will assist the ministry's financial reforms and policy-making.
Yang, 49, who has a PhD in business management, began his friendship with Lin in the 1980s when both pursued graduate studies at the University of Illinois at Urbana-Champaign.
Yang has worked at China Development since 1988.
Expressing his gratitude for the nomination, Yang yesterday said that he is "honored to serve the country."
"I hope to contribute my 15 years of experience [at China Development] -- in commercial and investment banking as well as the venture-capital business -- to help strengthen the banking sector's competitiveness," Yang said yesterday, stressing the importance of financial health in the nation's future economic development.
Giving their blessing to Yang's appointment, Diana Chen (陳敏薰) and Benny Hu (胡定吾), chairpersons of China Development Financial Holding Co (
Hu said that Yang outshined other professional bankers since he had extensive experience in dealing with the privatization of state-owned banks and enterprises. Yang also succeeded in helping China United Trust & Investment Co, (
"We're glad to see him move up because we put the benefits of the nation's 23 million people beyond those of the company's 600,000 shareholders," Hu said.