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Xi Tightens Communist Party Grip Over China in Major Revamp

  • Brings finance, technology sectors under greater party control
  • Central financial committee to ensure stability, development
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Chinese President Xi Jinping tightened his grip over the government and economy with the biggest revamp in the ruling Communist Party in years, setting up powerful committees to oversee everything from financial markets to social stability.

The reorganization of the party includes the creation of two separate financial bodies — one to take control of a financial stability committee previously under the State Council.