China's economy tsar, He Lifeng, has been appointed as the director of the office of the Central Finance and Economic Affairs Commission, a key ruling Communist Party economic body, according to a report by the state-owned Xinhua News agency.
He was also appointed as the party chief of the Central Financial Work Commission. This is a powerful portfolio covering economic policy, the financial sector, and trade ties with Washington, matching his high-profile predecessor Liu He.
He has been a close confidante of President Xi Jinping and was one of China's four vice premiers in March when he replaced Liu He, who retired.
Aligning with the positive financial news, China's youth employment is generally stable and continues to improve, according to an interview with Minister of Human Resources and Social Security Wang Xiaoping, cited by the state-owned Xinhua News agency. The country added 10.22 million new urban jobs in the first nine months, achieving 85 percent of the annual goal, official data showed.
At the same time, China's President Xi Jinping met with Cuban Prime Minister Manuel Marrero at Beijing's Great Hall of the People on Monday, according to Chinese state media. Marrero comes to China as Cuba's economy, which is heavily dependent on food, fuel, and other imports, is close to collapse, following a more than 50 percent decline in its export earnings, which are needed to purchase imports.
(Callan Williamson and agencies)
