New policy role for ally of vice-premier

A former senior economic planner has been appointed to a major role on a top financial policy body in a sign of Vice-Premier He Lifeng’s growing influence.

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

The commission is a Communist Party body responsible for managing the economy.

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.

Before becoming vice-premier in March last year, He, now one of President Xi Jinping’s main economic advisers, was head of the NDRC, which sets the country’s economic direction, including its yearly and five-year plans.

His current role on the finance and economics commission was confirmed in October, indicating He’s growing influence as his predecessor Liu He gradually hands 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 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 Hebei province in 2021. Last year, he became a member of the provincial party’s standing committee.

Yan becomes the latest of He’s former subordinates at the NDRC to join him at the economic affairs commission.

Yang Yinkai 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.