China has designated Lan Fo’an as the Communist Party chief of the Ministry of Finance, signaling his imminent promotion to the role of finance minister during a challenging economic phase, Bloomberg has reported.
The announcement came yesterday following incumbent Liu Kun’s decision to resign after reaching retirement age.
Lan’s ascent comes at a crucial juncture, as the country grapples with a dwindling fiscal position, aggravated by prolonged pandemic measures, tax reductions, and an escalating property market crisis.
The nation’s persistent local debt is further straining its capacity to spur growth. Bloomberg Economics highlighted that decreased government expenditure reduced growth by 1.2% in the initial seven months of the year.
Born in Guangdong, the 61-year-old Lan began his tenure at the finance ministry in the mid-’80s, later serving in significant roles in Guangdong and Hainan.
By April 2021, he rose to prominence as the deputy secretary of the CPC Shanxi Provincial Committee, eventually becoming Shanxi’s governor, according to his official biography.
Just before this new appointment, Xinhua News Agency reported Lan’s resignation as CPC chief in Shanxi. PC
