China's New Financial Watchdog, the CFC, Urges Stronger Supervision Under Premier Li Qiang's Leadership

The Central Financial Commission aims to boost the Communist Party's oversight over China's $61 trillion financial sector amid efforts to become a 'major financial power'.

China's Central Financial Commission (CFC), a new regulator, has urged stronger supervision of risks in the financial sector as China aims to become a 'major financial power'.
Premier Li Qiang has been appointed as the head of the CFC, which was set up to boost the Communist Party's oversight over China's $61 trillion financial sector.
The CFC aims to accelerate policy research and drafting in areas such as financial technology, green finance, inclusive finance, pensions, and digital finance.
Vice Premier He Lifeng has been appointed head of the office of the CFC, responsible for running the day-to-day affairs of the new regulator.
The creation of the CFC is seen as part of President Xi Jinping's aim to reassert the party's dominance over state and society.