- October 26, 2023
- Posted by: admin
- Category: Daily News
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- Beijing is putting the final touches to a powerful Communist party commission that will oversee the country’s financial sector regulation, recruiting nearly 100 officials ahead of a landmark economic policy meeting next week.
- The Central Financial Commission, which President Xi Jinping announced in March, will serve as the de facto watchdog, planner and decision maker for China’s $61tn financial sector, weakening the power of state institutions such as the People’s Bank of China and China Securities Regulatory Commission.
- Experts said the commission could act more quickly to close regulatory loopholes in areas such as shadow banking and peer-to-peer lending.
- In a sign of the importance attached to financial sector reform, Xi on Tuesday visited the PBoC and the foreign exchange regulator for the first time since he became president a decade ago, two people who witnessed his visit said.
External Link : https://www.ft.com/content/14d601cb-2121-48a2-a47a-6244257f538c
26-Oct-2023