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Explainer | Who’s on China’s new Central Financial Commission, and what will the Communist Party watchdog do?
- The Central Financial Commission, a new party organ overseeing China’s vast financial holdings, convened a meeting chaired by Premier Li Qiang
- Other high-level officials sit on the commission and conduct its day-to-day business, a show of resolve to enhance party oversight of the sector
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Frank Chenin Shanghai
Premier Li Qiang has been confirmed as head of the freshly minted Central Financial Commission (CFC), a Communist Party body overseeing China’s 400 trillion yuan (US$58 trillion) holdings in banking, insurance and securities assets, state media revealed on Monday.
The country’s No 2 political figure, along with other high-profile officials, held a meeting that day to discuss the implementation of recommendations made at October’s twice-a-decade central financial work conference and how specific responsibilities would be divided.
At the meeting, Li was reported as saying the commission would prioritise risk prevention and buttress “weak links” in the economy.
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China’s new premier Li Qiang outlines priorities in first press conference
China’s new premier Li Qiang outlines priorities in first press conference
Who are the other heavyweights on the Central Financial Commission?
He Lifeng, a member of the party’s Politburo and a vice-premier in charge of finance, trade and economic matters, is director of the commission’s general office and will run its day-to-day affairs.
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Wang Jiang, former party chief of the state-owned financial conglomerate China Everbright Group, has been named executive deputy director of the office.
Former finance vice-minister Xia Xiande is another deputy director.
What does the Central Financial Commission do?
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