Chinese vice premier He Lifeng has been appointed to lead China's Central Financial Commission (CFC) and become party chief of the separate Central Financial Work Commission (CFWC), highlighting the Communist Party's direct supervision over the financial sector. These roles will see him addressing China’s local government debt and property downturn, critical to financial stability and growth. The CFC, part of a broader restructuring to tighten party control, remains without a named head, but He's close ties with President Xi Jinping place him at the forefront of economic, financial, and trade issues. He, an economist with deep roots in the party's structure, has a long-standing relationship with Xi, tracing back to their time in Xiamen and Tianjin, reinforcing his influence in China's financial oversight.