Xi Expected To Name Long-Time Pal He Lifeng As China's Economic Czar

Chinese President Xi Jinping is expected to appoint one of his closest allies as economic czar as he prepares to kick off a third term at the helm of the Communist Party of China (CPC), a move seen further expanding Xi's involvement in macroeconomic policy and setting back market reforms.

Photo Insert: He Lifeng speaking at the World Economic Forum

He Lifeng, who chairs the National Reform and Development Commission (NRDC), is seen as a likely successor to Vice Premier Liu He, Xi's current economic policy chief, who is expected to retire after a party congress in mid-October, Iori Kawate reported for Nikkei Asia.

Party insiders said He Lifeng, 67, is like a younger brother to Xi Jinping, whom he assisted when Xi was assigned to Fujian as a top party official and even played basketball with him.

An economist trained at Xiamen University, He will likely be China’s next finance minister as Xi is expected to win another term as Chinese president and CPC chairman.

Steve Tsang, director of the University of London’s SOAS China Institute, told Reuters: “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.

He will be compelled to act on a long-simmering demand to raise wages as 400-million Chinese make do with $140 in monthly incomes and the 300 million who make less than that already low figure.

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