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China’s Xi to Tighten Communist Party Grip on Economic Life

  • Changes impact financial services, manufacturing: people
  • Would mark most decisive shift yet away from 1980s reforms
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Bloomberg’s Stephen Engle reports from the Chinese National People’s Congress in Beijing.(Source: Bloomberg)
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Chinese President Xi Jinping is preparing to extend a sweeping government overhaul that would give the Communist Party greater control over everything from financial services to manufacturing to entertainment in the world’s second-largest economy, two people familiar with the matter said.  

The changes are part of a proposed “CPC leadership system” approved by the party on Feb. 28, the people said. Details of that document, which called for merging more than a dozen state agencies, are due to be revealed by March 17 when the National People’s Congress -- China’s rubber-stamp legislature -- votes on the plan.