Xi Jinping’s Favored Aide He Lifeng Loses a Title, and His Remarks Also Tone Down References to Xi

Cai Qi and Wang Xiaohong serve as Xi Jinping's gatekeepers. (Composite image)

[People News] On December 12, the day after the conclusion of the Central Economic Work Conference, the National Financial System Work Conference was held in Beijing. According to reports by official media, He Lifeng—member of the CCP Politburo and Director of the Office of the Central Financial Commission—attended the meeting and delivered a speech. He emphasized that “the financial system must deeply study and implement the spirit of the Central Economic Work Conference, accurately grasp the situation facing economic work and the main goals and tasks,” and so on.

Compared with reports on the National Financial System Work Conference held on December 13, 2024, two anomalies appeared this time.

The first anomaly is that He Lifeng no longer carried the title of “Secretary of the Central Financial Work Commission,” a title he still held last year. It is unclear whether official media deliberately omitted it, or whether the position has already been taken over by someone else.

According to the Plan for the Reform of Party and State Institutions issued by the CCP Central Committee and the State Council in March 2023, the Central Financial Commission was established as a CCP Central decision-making, deliberative, and coordinating body. At the same time, the Office of the Central Financial Commission was set up as its working body, incorporated into the CCP Central institutional sequence, and operating jointly with the Central Financial Work Commission.

At that time, Premier Li Qiang served as Director of the Central Financial Commission, while Vice Premier He Lifeng served as Director of the Office of the Central Financial Commission and Secretary of the Central Financial Work Commission.

The second anomaly is that, in the report, He Lifeng did not mention Xi at the beginning of his speech, as is customary.

In the 2024 speech, the report began with He Lifeng stressing that “the financial system must effectively unify its thinking and understanding with the spirit of the Central Economic Work Conference, especially the spirit of General Secretary Xi Jinping’s important speech, and follow Premier Li Qiang’s work arrangements.”

This year, however, it was only near the end of the report—after mentioning the need to “strengthen the Party’s overall leadership over financial work”—that it stated the need to “earnestly study, deeply comprehend, and resolutely implement Xi Jinping’s important instructions and directives and the CCP Central’s decision-making arrangements.” Is this a dilution of references to Xi?

He Lifeng, the vice premier in charge of economic and financial affairs, is widely recognized as one of Xi Jinping’s trusted confidants. It is said that Xi’s “Fujian faction” holds the greatest influence in the economic field and has almost taken control of China’s entire economic decision-making. For example, the current Director of the National Development and Reform Commission, Zheng Shanjie, is a former subordinate of He Lifeng from his Fujian days. Former Finance Minister Liu Kun, more than a year after stepping down, returned to the Ministry of Finance and, unusually, simultaneously serves as Party Secretary and Chairman of the National Council for Social Security Fund. Liu Kun is He Lifeng’s longtime classmate, while Lan Fo’an, who succeeded Liu Kun as Minister of Finance, had earlier served as Liu Kun’s deputy when Liu was Director of the Guangdong Provincial Department of Finance.

It is well known that once Xi Jinping consolidated power, he sought to direct all fields, and the financial sector was no exception.

From October 30 to 31, 2023, the Central Financial Work Conference was held in Beijing, with all seven Politburo Standing Committee members in attendance. In his speech, Xi laid out financial work for the current period and the time ahead, stating that financial work must be guided by “Xi Jinping Thought.” He declared that his speech “scientifically answered a series of major theoretical and practical questions concerning the development of the financial sector, constitutes an important component of Xi Jinping Thought on the Economy, represents a major innovative achievement of Marxist political economy on financial issues, and provides the fundamental guiding principles and action guidelines for promoting high-quality financial development in the new era and on the new journey…”

In addition, the conference required that “all regions and departments, especially the financial system, further unify their thinking and actions with the spirit of Xi Jinping’s important speech and the CCP Central’s decision-making arrangements.”

Subsequently, at the Central Financial Work Commission Work Conference held on November 3, He Lifeng lavishly praised Xi’s speech as “raising the banner and setting the direction for financial work with a grand strategic vision and profound historical insight, laying out the overall plan, possessing extremely strong ideological, strategic, and guiding significance, serving as a programmatic document guiding financial work in the new era and on the new journey, and providing the fundamental guiding principles and action guidelines for us to do well in all areas of financial work…”

Yet in just two years’ time, He Lifeng—like Xi Jinping’s other close associates such as Cai Qi, Wang Yi, Wang Xiaohong, and Chen Wenqing—has also shown a trend of toning down references to Xi. Does Xi still firmly hold supreme power?

(First published by People News)
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