China to set up new party-led financial supervisors

New committees to be established by end of 2023 as part of wider supervisory change

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China will set up two new bodies to strengthen the Communist Party’s oversight of the financial sector.

The move is part of a broader plan to restructure the country’s financial regulatory framework. A Central Financial Commission will “strengthen the Central Committee’s centralised and unified leadership over financial work”, Xinhua News reported on March 16.

The commission will oversee financial stability policy, according to a plan drafted by the Central Committee and the State Council. It

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