Li Yong is the current Vice-Minister of the Ministry of Finance of China

People's Republic of China

China , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres...

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Biography

Li was born in 1951 at Jining

Jining, Shandong

Jining is a prefecture-level city in southwestern Shandong province, People's Republic of China. It borders Heze to the southwest, Zaozhuang to the southeast, Tai'an to the northeast, and the provinces of Henan and Jiangsu to the northwest and south respectively...

, Shandong province to Han

Han Chinese

Han Chinese are an ethnic group native to China and are the largest single ethnic group in the world.Han Chinese constitute about 92% of the population of the People's Republic of China , 98% of the population of the Republic of China , 78% of the population of Singapore, and about 20% of the...

 parents. He joined the Communist Party of China

Communist Party of China

The Communist Party of China , also known as the Chinese Communist Party , is the founding and ruling political party of the People's Republic of China...

 in 1973. Li received a master's degree in economics following his graduation from the Research Institute for Fiscal Science of the Ministry of Finance later that year.

From 1985 to 1988 he served as first and second secretary to the United Nations Mission from China, and became Director of the World Bank

World Bank

The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...

 Ministry of Finance in 1989. He served at this post for a year Following that, he became an advisor to the World Bank and served under this post until 1996. Li was thus promoted to Director-General, and to Executive Director in 1996. He filled this position until 1998. In 1999, he became the Secretary-General at the Chinese Institute of Certified Public Accountants and served simultaneously as Assistant Minister at the Chinese Ministry of Finance from 2000 to 2002. He quit his Assistant Ministership to be promoted Vice Minister in 2003.

On May 7, 2006, Li presented his prediction of a 25 percent drop in the value of the U.S. dollar. This caused debate on the creation of an Asian Currency Unit (ACU), an index that tries to capture the value of an Asian currency by taking an average on several of them. One of his highest priorities as Vice Minister is to fight inflation by promoting production in agriculture.