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Yan Pengcheng had been deputy governor of Hebei province before being appointed to his latest role. Photo: Handout
ChinaPolitics

Chinese Vice-Premier He Lifeng’s growing influence on economic policy shown as former subordinate joins top finance policy body

  • Yan Pengcheng has been confirmed as one of He’s deputies at the Central Financial and Economic Affairs Commission, a key party body
  • The two have previously worked together at the top state economic planning agency
China’s Communist Party
Vanessa Cai
Vanessa Caiin Shanghai
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A former senior economic planner has been appointed to a major role on a top Chinese financial policy body in a sign of Vice-Premier He Lifeng’s growing influence in the area.

Yan Pengcheng, who served under He in various roles at the National Development and Reform Commission (NDRC), has been appointed as a deputy head of the general office of the Central Financial and Economic Affairs Commission.

The latter is a powerful Communist Party body responsible for managing the world’s second-largest economy and He is director of the general office, which guides its everyday operations.

Yan’s new role was confirmed when his new title was used at a party international relations event in Beijing on Tuesday, which makes him He’s fourth deputy at the commission.

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Before becoming vice-premier in March last year, He, now one of President Xi Jinping’s main economic advisers, was head of the NDRC, the top state planner.

His current role on the finance and economics commission was confirmed in October, indicating He’s growing influence as his predecessor Liu He gradually handed over the reins of economic policy.

The vice-premier’s other responsibilities include handling economic ties with the United States and other major economies. Last week, He held two days of talks with Treasury Secretary Janet Yellen during her visit to China.

He was accompanied at that meeting by Han Wenxiu, his deputy at the economic affairs commission’s office, highlighting the body’s influence.

Yan, who has a master’s degree in economics, worked in various roles at the NDRC, including as its spokesman and head of its department of national economy.

He then moved on to become vice-governor of the northern province of Hebei in 2021. Last year he became a member of the provincial party’s standing committee.

Vice-Premier He Lifeng shown to be China’s point man on economic ties

Yan becomes the latest of He’s former subordinates at the state planner to join him at the economic affairs commission, including Yang Yinkai who was named as deputy head of its general office last year.

Yang was appointed to the role eight months after he was promoted to deputy head of the NDRC, where he worked for around two decades.

Yang had also led the body’s personnel department, a role that involved managing and selecting cadres.

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