He Lifeng will likely be China’s next finance minister as he prepares to begin his unprecedented third term next month which will see him start another term both as Chinese president and president of the Communist Party of China, news agency Nikkei Asia reported.
Lifeng is currently the chair of the powerful National Reform and Development Commission (NRDC) which is a planning body. He will succeed Liu He, the current economic policy chief, who is set to reture.
Lifeng’s elevation, according to the Nikkei report, is being seen as Xi increasing involvement with China’s macroeconomic policy and market reforms.
“He is like a trusted younger brother to Xi,” a person familiar with the development said. He also added that during Xi’s time in Fujian, it was Lifeng who reached out to him, when the Chinese president could not adjust to life in the province.
Lifeng’s current role as NRDC chief involves crafting energy policies, supervising industries and approving new infrastructure projects but upon his expected appointment he will be responsible for charting China’s general economic goals via the party’s Central Financial and Economic Affairs Commission (CFEAC).
Lifeng also has to fill bigger shoes in the expected role as Liu He was the lead person who led China when former US president Trump led the trade war against China.
According to US risk advisory firm Eurasia Group, He Lifeng will be the fourth-ranking vice premier in its prediction for China’s next Politburo which is China’s top policymaking body.
He Lifeng’s appointment will also likely mean that Chinese companies which seek economic reforms have to introduce new plans to push their reformist agenda as the Chinese president sets his focus on the people’s economy.
Steve Tsang, director of the University of London’s SOAS China Institute, while speaking to Reuters said: “He will also reinforce the importance of the party leading everything in China, and the party following its leader fully.”
This will also reflect on economic policies as well since Xi’s idea of people’s economy borrows heavily from Renmin University professor Wen Tiejun – who coined the term. It means all assets are held by the people and even private companies prioritize social advancement rather than individuals.
(with inputs from Nikkei Asia)
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