China Set to Overhaul Financial System Giving Xi More Control
- Powerful financial committee likely to be revived, people say
- Xi may appoint allies to finance committee, PBOC roles
Xi Jinping
Source: Bloomberg
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Chinese President Xi Jinping is set to bring decision-making of the financial system further under his control with the likely revival of a powerful committee to coordinate financial policy and the possible appointment of a key ally in a top position at the central bank.
Authorities are considering reviving the long-disbanded Central Financial Work Commission to allow the ruling Communist Party to assert more control over financial policy, according to people familiar with the matter. Ding Xuexiang, Xi’s chief of staff, is set to become the head of the entity, one of the people said, asking not to be identified discussing a private matter.