Vice Premier He Lifeng Confirmed as Head of China's Central Financial Commission, Set to Lead Economic Policy and Trade Talks

He Lifeng, a close confidante of President Xi Jinping, set to focus on strengthening the party's control over the finance sector and promoting risk prevention, amid tightening controls over China's financial system.

• Vice Premier He Lifeng has been confirmed as the leader of China's Central Financial Commission, making him the top official overseeing economic and financial policy as well as trade talks with the U.S. and Europe.
• As a close confidante of President Xi Jinping, He will be focusing on strengthening the Communist Party's control over the finance sector and promoting risk prevention amid tightening controls over China's financial system.
• He has emphasized the need to strengthen party leadership in financial work and reinforce inspection and rectification of financial systems to promote strong financial supervision, risk prevention, and high-quality development.
• He's appointment is a part of Beijing's continued efforts to tighten control over its financial system. The finance commission, established in March, grants the Communist Party more control in key domains such as finance and technology and is under the direct supervision of the party’s top decision-making body, the Central Committee.
• In addition to his financial responsibilities, He has also been given an expanded portfolio on trade compared to his predecessor Liu He. However unlike Liu, He has not taken on responsibilities related to technology or manufacturing, which have been assumed by Vice-Premiers Ding Xuexiang and Zhang Guoqing.

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