China has nominated Lan Foan as finance minister, a technocrat with limited central government experience, to boost fiscal stimulus and resuscitate the economy.

Lan, who previously led Shanxi’s party, joined the finance ministry in 2016 and became party chief in December 2022.

China’s upper parliament approved a fourth-quarter issue of 1 trillion yuan ($137 billion) in sovereign bonds to reconstruct flood-ravaged districts.

The property crisis intensifies, and private enterprises are hesitant to spend due to low trust.