Central Financial Commission
中国共产党中央委员会金融委员会
AbbreviationChinese: 中央金融委员会
FormationMarch 2023; 11 months ago (2023-03)
TypeCommission directly reporting to the Central Committee of the Chinese Communist Party
HeadquartersBeijing Financial Street
Region
Mainland China
Leader
Li Qiang
Office Director
He Lifeng
Parent organization
Central Committee of the Chinese Communist Party
Central Financial Commission
Simplified Chinese中央金融委员会

The Central Financial Commission (CFC) is a commission of the Central Committee of the Chinese Communist Party (CCP) that supervises and manage the Chinese financial system.

History

The CFC was established in 2023 under CCP general secretary Xi Jinping after wide-ranging reforms to change the party and state structures, together with the Central Financial Work Commission.[1][2] According to Chinese state media, the new body would strengthen the CCP's "centralized and unified leadership over financial work".[3] The CFC oversaw the dissolution of the Financial Stability and Development Committee (FSDC), a State Council body established in 2017,[4] with FSDC's office being absorbed into the CFC.[5]

The CFC began operations in late September. The CFC Office has drawn personnel from other financial institutions such as the People’s Bank of China, the Ministry of Finance, and the National Development and Reform Commission.[5]

Functions

The CFC's role is to broadly oversee the country's financial system, enhancing CCP control over the sector.[4] It oversees financial stability, funding for the real economy and the international use of the renminbi. It also has the mandate to manage financial planning and take action against systemic risks.[6]

The CFC includes a General Office that handles its day-to-day operations. The General Office is located at the Beijing Financial Street.[5]

Composition

20th Central Committee

See also

References

  1. ^ Hong, Chun Wan; Zhai, Keith (16 March 2023). "China's Communist Party Overhaul Deepens Control Over Finance, Technology". The Wall Street Journal. Retrieved 16 March 2023.
  2. ^ Wang, Shiyu; Han, Wei (17 March 2023). "China Strengthens Communist Party Oversight of Financial Sector". Caixin. Retrieved 18 March 2023.
  3. ^ Cheng, Evelyn (17 March 2023). "China revives ruling party control of financial oversight". CNBC. Retrieved 18 March 2023.
  4. ^ a b Chen, Laurie; Tang, Ziyi (16 March 2023). "China to create powerful financial watchdog run by Communist Party". Reuters. Retrieved 17 March 2023.
  5. ^ a b c "China's new party finance organ gets to work while concerns over stability loom". South China Morning Post. 14 October 2023. Retrieved 14 October 2023.
  6. ^ a b Chen, Frank (22 November 2023). "Who's on China's new Central Financial Commission, and what will the Communist Party watchdog do?". South China Morning Post. Retrieved 22 November 2023.
  7. ^ "China's former economic tsar Liu He still has a big seat at the table, quietly meets with Western delegations: sources". South China Morning Post. 24 October 2023. Retrieved 24 October 2023.
  8. ^ "Three things to know about China's new financial commissions". Caixin. Nikkei Asia. 2023-05-23.
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