Chinese President Xi Jinping’s top fiscal adviser has been named vice premier, allowing him to take the role of “economic tsar” following a government restructuring that has granted wide-ranging powers to Mr Xi’s top lieutenants.

Liu He — who was confirmed on Monday as one of four vice premiers by China’s rubber-stamp parliament — will hold an unusually powerful portfolio, overshadowing the country’s premier Li Keqiang. He is expected to head the recently created Financial Stability and Development Commission, overseeing policy co-ordination between the central bank and banking and securities regulators.

Mr Liu, 66, is also expected to take up day-to-day responsibility for relations with the US, China’s largest trading partner and chief global rival. Former anti-corruption tsar Wang Qishan will have a broader, strategic role also focused on the US, after his appointment as vice-president on Saturday ended a five-month retirement from top party echelons.