China’s Vice-Premier He Lifeng increased economic power and assumed key policy positions

He Lifeng, one of President Xi Jinping’s top aides, has taken a key economic policy-making position amid a gradual transition of power from predecessor Liu He, although analysts do not expect significant near-term policy changes.

The 68-year-old, who was promoted to vice premier in March, has been confirmed as office director of the Central Financial and Economic Affairs Commission, one of the powerful party bodies led by Xi to manage the world’s second-largest party. economy.

The move indicates that he has greatly increased his influence over China’s financial and economic affairs, which will help ease and ease market uncertainties. Efforts to overcome the asset crisis, Bail out heavily indebted local governments and boost the weak economy.

Economic power seems to be gradually shifting from Liu to He, which makes sense given Liu’s age.

Brock Friday

The revelation came when the official Xinhua news agency reported that he met French President Emmanuel Macron’s top diplomatic adviser Emmanuel Bonne on financial and economic issues in Beijing on Sunday.

„It looks like financial power is gradually shifting from Liu to him, which makes sense given Liu’s age,” said Brock Silvers, managing director of Kaiyuan Capital in Hong Kong.

„However, markets should not expect significant policy changes.”

Chinese officials will continue their efforts to ease the economic slowdown, he added, but „the structural reforms needed to revive real estate, escape extreme debt levels, or revive foreign investment will be beyond Liu’s reach or he does not understand.”

The Post broke the news earlier this month Liu, 71, remains influential Although he stepped down as deputy prime minister in March, he retained his post at the Economic Affairs Commission.
State media have not reported on the former economic czar since his retirement, but Liu still met with foreign representatives. US Treasury Secretary Janet Yellen and US Commerce Secretary Gina Raimondo in the summer.

Despite enjoying more political power and greater market attention than government ministries, departments within the Communist Party rarely disclose their day-to-day operations or personnel arrangements.

Personnel changes continued throughout the year, unlike previous rounds that traditionally occurred in March.

Former economic czar Liu He still has a big seat at the table: sources

Lan Foan was appointed finance minister last week, while Yin Hejun was appointed science and technology minister.

The Deputy Prime Minister is also widely believed to be the Director of the Office of the Central Finance Commission. Another party organization was established in March Improving regulation and overseeing overall financial matters.

„Which issues should be prioritized may be a key question for top decision-makers like him,” said Zhu Jiangnan, coordinator of the Contemporary China Studies Program at the University of Hong Kong.

„Cross-departmental coordination among high-level decision-making bodies is important because many issues are at the intersection of multiple policy arenas, as China navigates current critical international relations and deals with domestic public sentiment,” he said.

READ  Small business contributes half a trillion dollars to the Australian economy, providing 5.1 million jobs

Dodaj komentarz

Twój adres e-mail nie zostanie opublikowany. Wymagane pola są oznaczone *