He Lifeng Appointed Director of Key Chinese Communist Party Economic Body

Ascent of He Lifeng Solidifies President Xi's Control Over Economic Policy Amid Challenges Including Domestic Property Crisis and Strict Debt Risks

Chinese Vice Premier He Lifeng, a close confidant of President Xi Jinping, has been appointed as the director of the Central Finance and Economic Affairs Commission, a key Communist Party economic body head by Xi himself, which is responsible for formulating and implementing China's economic policies, trade ties and financial sector.
He's ascent further solidifies President Xi's control over economic policy, and his role will be crucial in tackling existing challenges such as a domestic property crisis, high youth unemployment, and strict debt risks.
Since assuming the economic portfolio, He Lifeng has met with key international figures, like U.S. Treasury Secretary Janet Yellen and EU Trade Commissioner Valdis Dombrovskis, signaling a continuation of international economic dialogue.
He replaces Liu He, who had retired, and unlike Liu, He does not speak English, thus marking a shift in the conduct of negotiations and interactions with western counterparts.
Analysts anticipate that He Lifeng may also assume leadership of a new higher-ranking economic supervisory body, the Central Financial Work Commission, once it is reinstated, as part of Xi Jinping's plans to exercise tighter control over the financial regulators and central bank.