torsdag 23. mars 2023

China Shakes Up Bureaucracy With Eye on Technological Edge

President Xi Jinping of China has embarked on a third term in office by ordering bureaucratic reforms with an eye on financial stability and economic resilience in the face of internal and external pressures.

A dozen central government institutions were affected by the extensive reorganization announced at this month's annual legislative gathering known as the "two sessions." China's Communist Party also is in the process of standing up new commissions to exert tighter control from Beijing in a move that will further shrink the role of the State Council, China's cabinet.

State reforms approved by the Chinese parliament included the creation of a national data bureau to manage national security risks associated with private sector data collection. Also among the eye-catching announcements was a new financial watchdog to oversee China's $60 trillion financial sector.