On June 16, China's official news agency 'Xinhua' reported that CCP CC General Secretary Xi Jinping had presided over a meeting of the Leading Group of Financial and Economic Affairs. It described him as its 'Director', while earlier reports had referred to Xi Jinping as its 'Party Secretary'. Xinhua also disclosed that Premier Li Keqiang had joined the meeting as 'Vice-Director'.

He Keng, a former Vice Chairman of the Financial and Economic Committee of the National People's Congress said that "In the past the Director position has been held by premiers." The Group, which reports to the CCP CC was established in 1980. He added that "The group is normally in charge of macroeconomic policies, relating to finance, currency and rural areas" and that "The appointment shows Xi will be calling the shots on significant economic policies," while Premier Li Keqiang would act as an "executor".