The Chinese government said on Tuesday that it planned to overhaul supervision of the country’s debt-ridden financial sector, its environmental regulators and other essential government agencies in a broad move intended to further consolidate the Communist Party’s hold on official levers of power.
Premier Li Keqiang asked the National People’s Congress, the country’s legislature, to approve a plan that would combine China’s banking and insurance regulators in an effort to bolster their ability to monitor financial institutions. At the same time, both agencies would relinquish some of their broad policy responsibilities to China’s central bank, which would acquire an even greater role in preserving financial stability in what is now the world’s second-largest economy.
Premier Li Keqiang asked the National People’s Congress, the country’s legislature, to approve a plan that would combine China’s banking and insurance regulators in an effort to bolster their ability to monitor financial institutions. At the same time, both agencies would relinquish some of their broad policy responsibilities to China’s central bank, which would acquire an even greater role in preserving financial stability in what is now the world’s second-largest economy.
