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☆ China to set up new financial regulator in sweeping reform
▼ + stars: | 2023-03-07 | by ( ) www.reuters.com time to read: +6 min

The new financial regulator will replace the China Banking and Insurance Regulatory Commission (CBIRC) and bring supervision of the industry, excluding the securities sector, into a body directly under the State Council, or cabinet. The proposal for setting up the new regulator, the National Financial Regulatory Administration, was presented to China's parliament during its annual meeting on Tuesday. China's financial sector is overseen by the People's Bank of China (PBOC), the CBIRC, and the China Securities Regulatory Commission (CSRC), with the cabinet's Financial Stability and Development Committee having overall responsibility. The setting up of the new financial regulatory body comes as Beijing seeks to rein in large corporate and financial institutions that may bring systemic risks via regulatory arbitrage among multiple authorities. 'STRENGTHEN SUPERVISION'The new administration will "strengthen institutional supervision, supervision of behaviours and supervision of functions", according to the plan.

☆ China to restructure sci-tech ministry to achieve self-reliance faster
▼ + stars: | 2023-03-07 | by ( Eduardo Baptista | ) www.reuters.com time to read: +3 min

BEIJING, March 7 (Reuters) - China will restructure its science and technology ministry to channel more resources to achieving important breakthroughs, with the goal of moving faster towards self-reliance, according to a State Council plan submitted to parliament on Tuesday. The restructuring of the central government ministry was included in a reform plan of state institutions that the State Council, China's cabinet, submitted to the National People's Congress (NPC), which is meeting this week. The institutional changes revealed on Tuesday will reduce the scope of the science and technology ministry as previous responsibilities, such as building high-tech industrial development zones and driving technological progress in rural areas, will be re-distributed across several ministries. "Strengthen the Ministry of Science and Technology's strategic planning ... optimise the whole-process management of scientific and technological innovation," the cabinet said in the plan. Reporting by Eduardo Baptista; Editing by Andrew Heavens, Robert BirselOur Standards: The Thomson Reuters Trust Principles.

☆ China foreign ministry: 'airship' over the U.S. a 'force majeure accident'
▼ + stars: | 2023-02-04 | by ( Brenda Goh | ) www.reuters.com time to read: +1 min

SHANGHAI, Feb 4 (Reuters) - China's foreign ministry said on Saturday that flight of a Chinese "airship" over the United States was a force majeure accident, accusing U.S. politicians and media of taking advantage of the situation to discredit China. "China has always strictly abided by international law and respected the sovereignty and territorial integrity of all countries," the ministry said in a statement. It said Beijing and Washington had not announced any visit by Blinken and that "the U.S. announcements are their own matter and we respect that". Wang told Blinken that both parties needed to communicate in a timely manner and avoid any misjudgments, the ministry said. Reporting by Brenda Goh; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ China Investigates Central Bank Deputy Governor in First Major Probe Since Party Congress
▼ + stars: | 2022-11-05 | by ( Sha Hua | ) www.wsj.com time to read: 1 min

SINGAPORE—China’s top anticorruption agency is investigating a deputy governor of the People’s Bank of China, in a move that signals tighter scrutiny of China’s central bank after the conclusion of a Communist Party conclave last month where Xi Jinping secured a norm-breaking third term as leader. The investigation into Fan Yifei for “suspected serious violations of laws and discipline” was announced in a single-sentence statement published Saturday by the anticorruption agency, the Central Commission for Discipline Inspection. Fan was taken from his workplace on Friday afternoon, according to the Securities Times, a state-owned newspaper.

☆ China's cbank deputy under probe for suspected violations - anticorruption body
▼ + stars: | 2022-11-05 | by ( ) www.reuters.com time to read: +1 min

SHENZHEN, China, Nov 5 (Reuters) - China's top anti-corruption watchdog said on Saturday it is investigating Fan Yifei, one of six deputy governors of China's central bank, over "suspected serious violations of discipline and law". Fan, 58, has held the deputy governor position since early 2015, before which he had held senior roles with China Construction Bank (601939.SS) and China Investment Corporation. Chinese President Xi Jinping has stepped up efforts in recent years to weed out corrupt Communist Party officials in the financial sector. The Central Commission for Discipline Inspection (CCDI) announced the investigation in a statement but did not give any details. In May, the CCDI said it was investigating Sun Guofeng, the former head of the central bank's monetary policy department, for suspected violations.

Xi Jinping consolidated his power in China with a reshuffle of the politburo standing committee. He also used the event to unveil the new members of the politburo standing committee. He is a new entry to the standing committee, and at 60, is its youngest member. He is another new member of the politburo standing committee and will help lead the central commission for discipline inspection. He previously worked as the party leader in Yan'an, which once served as the headquarters of the party before it took control of the whole country.

☆ Factbox: China's new elite Communist Party leadership
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Oct 23 (Reuters) - China's Xi Jinping on Sunday secured a third term as leader of the Communist Party and unveiled a new seven-member Politburo Standing Committee, which he heads, that will determine the path of the country's development in the next five years. Below are the personnel elected on Sunday by the Central Committee, the biggest of the party's top decision-making bodies, to the pinnacle of China's political power. General Secretary of the Central Committee:Register now for FREE unlimited access to Reuters.com RegisterXi JinpingStanding Committee of the Political Bureau, or Politburo, of the Central Committee (seven members):Xi Jinping, 69; Li Qiang, 63; Zhao Leji, 65; Wang Huning, 67; Cai Qi, 66; Ding Xuexiang, 60; Li Xi, 66Politburo of the Central Committee (24 members):Ding Xuexiang, Xi Jinping, Ma Xingrui, Wang Yi, Wang Huning, Yin Li, Shi Taifeng, Liu Guozhong, Li Xi, Li Qiang, Li Ganjie, Li Shulei, Li Hongzhong, He Weidong, He Lifeng, Zhang Youxia, Zhang Guoqing, Chen Wenqing, Chen Jining, Chen Miner, Zhao Leji, Yuan Jiajun, Huang Kunming, Cai QiCentral Military Commission Chairman:Xi JinpingCentral Commission for Discipline Inspection Secretary:Li XiRegister now for FREE unlimited access to Reuters.com RegisterReporting by Albee Zhang and Ryan Woo; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ Li Xi gets graft-busting role on China's new Standing Committee
▼ + stars: | 2022-10-23 | by ( ) www.reuters.com time to read: +3 min

BEIJING, Oct 23 (Reuters) - Li Xi, the Communist Party chief of the economic powerhouse Guangdong province, assumed two new titles on Sunday when he was elevated to the elite Politburo Standing Committee and put in charge of the party's influential graft-busting body. Li's ties to Xi stem in part from his indirect links to Xi's late father, the Communist Party revolutionary Xi Zhongxun. His career took off in 2015 when he was appointed party secretary of Liaoning province in China's northeast. In 2017, he was named Guangdong party boss, a coveted role that propelled him onto the 25-member Politburo. All but one of the last five party chiefs in Guangdong, which borders Hong Kong, have subsequently joined the Standing Committee.

☆ Factbox: FACTBOX How China's Communist Party Congress works
▼ + stars: | 2022-10-21 | by ( Yew Lun Tian | ) www.reuters.com time to read: +5 min

A day after the congress, the newly elected Central Committee will convene behind closed doors at its first plenum. The 200 Central Committee members with voting rights will then vote "yes" or "no" on each of the proposed candidates for the two committees. The Central Committee will then elect one person from the Politburo Standing Committee (PSC) to be the general secretary. The general secretary will then introduce his new team and speak about the work ahead. The Central Committee also approves the make-up of a new secretariat and the Central Commission for Discipline Inspection.

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