China Unveils ‘Revolutionary’ Plan to Give Communist Party Even More Power
- Xi centralizes authority with shake-up of cabinet ministries
- Emphasis on party control represents break from 1980s reforms
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China unveiled a “revolutionary” government restructuring plan that consolidates Communist Party authority, giving President Xi Jinping more direct control over the levers of money and power.
The plan put before China’s rubber-stamp parliament Tuesday -- some of which had been reported by Bloomberg -- calls for giving the People’s Bank of China greater oversight in the $43 trillion banking and insurance industry and merging regulators that oversee the sector. The plan’s goal was “strengthening the Communist Party’s overall leadership” of the state, the document said.