What’s new: State media has revealed that Vice Premier He Lifeng is assuming key roles in the Communist Party’s two new financial commissions.
He, director of the general office of the central financial commission (CFC) (中央金融委员会) and secretary of the central financial work commission (CFWC) (中央金融工作委员会), attended a CFWC meeting Friday, the central bank-backed Financial News reported.
The financial system should carefully study and implement the spirit of the Central Financial Work Conference, a twice-a-decade top financial meeting in late October, He reportedly said at the CFWC meeting.
The background: The CFC and the CFWC were set up earlier this year to strengthen the ruling party’s oversight of financial work and the financial system, according to a government reform plan published in March.
The CFC is responsible for top-level design, coordination and supervision of the financial sector, as well as the research and review of major policies and issues. The CFWC works to keep the financial system aligned with the party’s political goals, theories, morals and discipline.
Strengthening the party’s Central Committee’s “centralized and unified” leadership over the financial sector is the “fundamental guarantee” of financial work, according to a readout of the Central Financial Work Conference.
Read more In Depth: China’s Ambition to Build a Financial Powerhouse
Contact reporter Zhang Yukun (yukunzhang@caixin.com) and Michael Bellart (michaelbellart@caixin.com)
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