TEHRAN, March 13 -China is merging its banking and insurance regulators and creating a slew of ministries including a new agricultural and rural affairs ministry as part of the biggest government shake-up in years.
TEHRAN,Young Journalists Club (YJC) -China is merging its banking and insurance regulators and creating a slew of ministries including a new agricultural and rural affairs ministry as part of the biggest government shake-up in years.
The long-awaited move to streamline and tighten oversight of the $42 trillion banking and insurance sectors comes as authorities seek more clout to crack down on riskier lending practices and reduce high corporate debt levels.
The revamp is also part of broader reforms by President Xi Jinping as the leadership of the ruling Communist Party is being resolutely placed at the heart of policy-making and Xi himself at the core of the party.
Details were released in a parliament document on Tuesday.
Liu He, Xi’s top economic adviser and confidante, has emerged as a prominent voice in the party on trade and economic matters. Writing in a commentary in the official People’s Daily on Tuesday, Liu said reforms would be profound.
“Deepening the reform of the party and state institutions is an inevitable requirement for strengthening the long-term governance of the party,” Liu said.
The economy and the party have become ever more intertwined since the once-in-five-years party congress in October when Xi cemented his grip on power.
On Sunday, presidential term limits were removed from its constitution, giving Xi the right to remain in office indefinitely, and confirming his status as the country’s most powerful leader since Mao Zedong died more than 40 years ago.
The heads of the new merged regulator, ministries and departments will be announced before the close of the annual session of parliament on March 20.
Source:Reuters
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