China has appointed Lan Foan, a technocrat with little central government experience, as the new finance minister, state media said today, as the government ramps up fiscal stimulus in a bid to revive the economy.
Lan, 61, who was named the Communist Party chief at the finance ministry last month, has succeeded Liu Kun who had been finance minister since 2018. Previously, Lan was the party chief of the northern Chinese Shanxi province.
Lan’s appointment, which is widely expected, comes as China ramps up fiscal stimulus to shore up its economic recovery, drawing on a well-used playbook that relies heavily on debt and state spending.