China on Thursday unveiled a finalized plan to set up a central commission for finance, a top-level body aimed at ensuring financial stability under the leadership of the Communist Party of China (CPC) Central Committee, only days after the annual meetings of the country's national legislature and political advisory body concluded.
As part of the plan on reforming Party and state institutions released by the CPC Central Committee and the State Council, the central commission for finance will answer directly to the top Party leadership. Analysts said the release of the plan is "very timely," on top of the recent collapse of the US-based Silicon Valley Bank (SVB), which has triggered concerns over a potential global financial crisis.
Chinese experts also said the reshuffle will further strengthen focuses and deploy strategic moves dedicated to financial security, and especially target the potential financial suppression from some Western economies that could impact the stability of China's financial sector.
A central commission for finance will be established to strengthen the CPC Central Committee's centralized and unified leadership over financial work, according to an institutional reform plan.
It will be responsible for top-level planning, coordination, overall advancement of financial stability and development, and for supervising the work's implementation. The commission will also study and deliberate major policies and matters in the financial sector, among others. An office of the commission will be set up, the plan said.
