China’s Vice-Premier He Lifeng handed increased economic authority, takes over key policymaking role
- He Lifeng, who was promoted to vice-premier in March, has been confirmed as the office director of the Central Financial and Economic Affairs Commission
- He met Emmanuel Bonne, a top diplomatic adviser to French President Emmanuel Macron, in Beijing on Sunday alongside central bank governor Pan Gongsheng
He Lifeng, one of President Xi Jinping’s top aides, has taken over a key economic policymaking position amid a gradual transition of power from predecessor Liu He, although analysts do not expect any significant near-term policy changes.
The 68-year-old He, who was promoted to vice-premier in March, has been confirmed as the office director of the Central Financial and Economic Affairs Commission, one of the powerful party organisations headed by Xi to manage the world’s second-largest economy.
Economic authority seems to be gradually transitioning from Liu to He, which would make sense given Liu’s age
It was disclosed when the official Xinhua News Agency reported He’s meeting on financial and economic affairs with Emmanuel Bonne, a top diplomatic adviser to French President Emmanuel Macron, in Beijing on Sunday.
“Economic authority seems to be gradually transitioning from Liu to He, which would make sense given Liu’s age,” said Brock Silvers, managing director of Kaiyuan Capital in Hong Kong.
“Markets, however, shouldn’t expect significant policy changes.”
Chinese authorities would continue their attempts to mitigate the economic slowdown, but, “structural reforms of the sort needed to revive real estate, escape extreme debt levels, or reinvigorate foreign investment likely remain beyond Liu or He’s grasp,” he added.
