Liu He, a key Economic Adviser and confidante to China’s President Xi Jinping, has been elected by Parliament to be a Vice Premier, considered one of the top positions in government.

Liu’s promotion telegraphs Beijing’s intention to press ahead with a clampdown on riskier financing and a rapid build-up in debt to reduce systemic risks to the World’s Second-Largest Economy.

Liu, who speaks fluent English, gained a master’s degree in Public Administration at Harvard’s Kennedy School of government in 1995.

Meanwhile vice Central Bank Governor Yi Gang was chosen to take over the Helm at the People’s Bank of China.