Central Financial Commission

The Central Financial Commission (CFC, Chinese: 中央金融委员会) is a commission of the Central Committee of the Chinese Communist Party (CCP) in the process of establishment that will supervise and manage the Chinese financial system.

Not to be confused with Central Financial Work Commission.
Central Financial Commission
中国共产党中央委员会金融委员会
AbbreviationChinese: 中央金融委员会
Formation2023
TypeCommission directly reporting to the Central Committee of the Chinese Communist Party
Legal statusActive
Region
Mainland China
Parent organization
Central Committee of the Chinese Communist Party

History

The CFC was established in 2023 under CCP general secretary Xi Jinping after wide-ranging reforms to change the party and state structures, together with the Central Financial Work Commission.[1][2] According to Chinese state media, the new body would strengthen the CCP's "centralized and unified leadership over financial work".[3]

The CFC will oversee the dissolution of the Financial Stability and Development Committee, a State Council body established in 2017.[4]

Role

The CFC's role would be to broadly oversee the country's financial system, enhancing CCP control over the sector.[4]

References
  1. Hong, Chun Wan; Zhai, Keith (16 March 2023). "China's Communist Party Overhaul Deepens Control Over Finance, Technology". The Wall Street Journal. Retrieved 16 March 2023.
  2. Wang, Shiyu; Han, Wei (17 March 2023). "China Strengthens Communist Party Oversight of Financial Sector". Caixin. Retrieved 18 March 2023.
  3. Cheng, Evelyn (17 March 2023). "China revives ruling party control of financial oversight". CNBC. Retrieved 18 March 2023.
  4. Chen, Laurie; Tang, Ziyi (16 March 2023). "China to create powerful financial watchdog run by Communist Party". Reuters. Retrieved 17 March 2023.
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