Exclusive | China’s new party finance organ gets to work while concerns over stability loom
- New commission, which began operations last month, part of campaign to keep party at helm of financial matters
- Formation of new body comes amid broader overhaul of state economic functions, redefined role of central bank
China’s newly chartered Central Finance Commission started daily operations in late September – an indication of the severity with which the world’s second-largest economy is viewing a property crisis and its potential spillover effects on the state-controlled financial system, according to a source with knowledge of the matter.
It is under the direct supervision of the party’s top decision-making body, the Central Committee, and serves as the primary planner for the country’s financial system.
The new organ will oversee all matters under the pecuniary umbrella, including overall stability, funding for the real economy and the overseas use of the yuan.
The commission has set up a general office on Beijing’s Financial Street, with the office’s day-to-day operations conducted under Vice-Premier He Lifeng, the source said.