Lü rose through the ranks in the Ministry of Finance, and was appointed Vice Minister in 1978. In 1982, he was appointed the sixth Governor of the People's Bank of China, China's central bank.[1][2] In March 1985 he became the second Auditor General of the National Audit Office (NAO),[1][2] which had just been established two years earlier to systematically audit the accounts of businesses, government units, and individuals. In August 1985, Lü told the China Daily that the NAO had audited the accounts of more than 24,000 businesses and units, and uncovered tax evasion, fraud, and waste worth more than US$1.6 billion.[3] He served as Auditor General until 1994. From May 1994 to June 2000, he served as Chairman of the Board of Supervisors of China Development Bank.[1][2]