Chinese Finance Minister Jin Renqing has resigned for "personal reasons," the State Council, China's cabinet, announced Thursday, according to DPA. The 63-year-old who has served as finance minister since March 2003 has been named as the deputy director of the State Council's Development Research Centre think tank, which is still a ministerial-level position, a council spokeswoman said in Beijing. The spokeswoman refused to give specifics about the reason for Jin's exit, but Hong Kong media have reported that he was involved in a sex and corruption affair. These reports said Jin is to be replaced by Xie Xuren, 59, the director of the State Administration of Taxation, but the State Council did not name the next finance chief. Jin's resignation came as China faces rising inflation and as it prepares for October's Communist Party congress, which is held every five years and is where top party leaders set China's priorities for the years to come and battle for power.
