China’s longest-serving central bank governor quietly exited the global stage on Friday, offering assurances that Beijing was getting to grips with high debt levels and predicting a gradual relaxation of capital controls imposed in late 2016. 

In a final official briefing before his successor is confirmed on March 19, Zhou Xiaochuan avoided a repeat of the warnings he issued last year about a looming “Minsky moment” — or sharp correction in asset prices — and about profligate state-owned enterprises and local governments. 

Despite setbacks to his reformist agenda over the past two years, in his 15 years as central bank governor Mr Zhou slowly but steadily pushed through a series of landmark reforms, often in the face of stiff resistance. When he was appointed head of the People’s Bank of China in December 2002, China was the world’s sixth-largest economy and fourth-largest exporter. It is now ranked second and first, respectively.