China appoints party man as new finance head

 China appoints party man as new finance head as government debt, revenue shortfalls threaten growth prospects

    Lan Foan 蓝佛安, former party head of Shanxi, takes charge of finance ministry as previous holder retires
    Move comes as doubts grow over sustainability of government debts, revenue


Lan Foan has been appointed party chief of China’s finance ministry as Beijing battles to tamp down local government debt and boost fiscal revenue to put economic growth back on a sustainable trajectory.

Lan, 61, has taken over the position from Liu Kun, according to a statement issued by the ministry on Friday. He is also poised to succeed Liu as finance minister. Liu has held both positions since 2018 and will turn 67 later this year, well beyond the normal retirement age of 65 for civil servants of ministerial rank.

Before the appointment, Lan was party chief of Shanxi province and previously served in financial departments at local and central levels.