China Names Lan Foan as Party Chief of Finance Ministry

China appointed veteran official Lan Fo’an as the Communist Party chief at the Ministry of Finance, paving the way for him to become finance minister, which will give him responsibility over a plan to diffuse local government debt risks.

Lan’s appointment was announced at a meeting on Thursday, the finance ministry said in a statement. Liu Kun will step down from the post. Liu’s departure from the finance ministry was widely expected after he reached the retirement age for ministerial level officials.

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