China’s unveils ‘revolutionary’ plan to ensure party power

BEIJING • 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 yesterday — some of which had been reported by Bloomberg — calls for giving the People’s Bank of China (picture) greater oversight in the US$43 trillion (RM167.69 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.

The changes include:

• Merging China Insurance Regulatory Commission with China Banking Regulatory Commission.

• Creating new office overseeing foreign aid that combines roles of Ministries of Commerce and Foreign Affairs related to President Xi’s Belt and Road trade-and-infrastructure initiative.

• Expanding Environmental Ministry, absorbing some roles now held by National Development and Reform Commission (NDRC).

• Merging anti-monopoly roles of NDRC and Ministry of Commerce.

• Setting up immigration management bureau.

• Giving some quality control responsibilities to the bureau overseeing intellectual property rights. — Bloomberg