Head of Communist Party finance body : Vice Premier He Lifeng's new title

China has appointed Vice-Premier He Lifeng to lead a new Communist Party organization focused on financial sector.

According to SCMP, He recently participated in a conference of the Central Finance Commission, one of the organizations created during a significant overhaul in March.

The report said he is referred as director of the general office of the commission – the first official confirmation of the vice-premier’s new title.

He stressed that the top priority for those working in the financial sector is to study and implement the key principles discussed at the "central financial work conference" led by President Xi Jinping in Beijing last week.

He said there is a need to bolster the Communist Party's leadership in financial matters and called for increased "inspection and rectification" of financial systems.

He will be visiting the United States from Wednesday to Friday in his role as Beijing's main representative for China-US economic and trade affairs.

This position was officially confirmed in July, and he received an invitation from US Treasury Secretary Janet Yellen, as stated by China's foreign ministry.

He, who is 68 years old, was promoted to the position of vice-premier in March. On October 29, he was further confirmed as the director of the general office of the Central Financial and Economic Affairs Commission, which is a powerful party organization chaired by President Xi.

However SCMP said he has not taken on responsibilities related to technology or manufacturing, which have been assumed by Vice-Premiers Ding Xuexiang and Zhang Guoqing, respectively.