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The Central Financial Commission (CFC) is a commission of the
Central Committee of the Chinese Communist Party The Central Committee of the Chinese Communist Party, officially the Central Committee of the Communist Party of China, is a political body that comprises the top leaders of the Chinese Communist Party (CCP). It is currently composed of 205 fu ...
(CCP) that supervises and manage the
Chinese financial system The People's Republic of China has an upper middle income developing mixed socialist market economy that incorporates economic planning through industrial policies and strategic five-year plans. —Xu, Chenggang. "The Fundamental Instituti ...
.


History

The CFC was established in 2023 under CCP general secretary
Xi Jinping Xi Jinping ( ; ; ; born 15 June 1953) is a Chinese politician who has served as the general secretary of the Chinese Communist Party (CCP) and chairman of the Central Military Commission (CMC), and thus as the paramount leader of China, s ...
after wide-ranging reforms to change the party and state structures, together with the
Central Financial Work Commission The Central Financial Work Commission (CFWC, ) is a commission of the Chinese Communist Party (CCP) in the process of establishment that will supervise the ideological and political role of the CCP in the Chinese financial system. History CFWC wa ...
. According to Chinese
state media State media or government media are media outlets that are under financial and/or editorial control of the state or government, directly or indirectly. There are different types of state and government media. State-controlled or state-run media a ...
, the new body would strengthen the CCP's "centralized and unified leadership over financial work". The CFC oversaw the dissolution of the
Financial Stability and Development Committee The Financial Stability and Development Committee (FSDC, ) is a Chinese financial regulatory body under the State Council. History In August 2013, China indicated that it would create a new government body to coordinate financial regulation. Th ...
(FSDC), a
State Council State Council may refer to: Government * State Council of the Republic of Korea, the national cabinet of South Korea, headed by the President * State Council of the People's Republic of China, the national cabinet and chief administrative auth ...
body established in 2017, with FSDC's office being absorbed into the CFC. The CFC began operations in late September. The CFC Office has drawn personnel from other financial institutions such as the
People’s Bank of China The People's Bank of China (officially PBC or informally PBOC; ) is the central bank of the People's Republic of China, responsible for carrying out monetary policy and regulation of financial institutions in mainland China, as determined by ...
, the
Ministry of Finance A ministry of finance is a part of the government in most countries that is responsible for matters related to the finance. Lists of current ministries of finance Named "Ministry" * Ministry of Finance (Afghanistan) * Ministry of Finance and Eco ...
, and the
National Development and Reform Commission The National Development and Reform Commission of the People's Republic of China (NDRC), formerly State Planning Commission and State Development Planning Commission, is a macroeconomic management agency under the State Council, which has br ...
.


Functions

The CFC's role is to broadly oversee the country's financial system, enhancing CCP control over the sector. It oversees financial stability, funding for the real economy and the international use of the renminbi. It also has the mandate to manage financial planning and take action against systemic risks. The CFC includes a General Office that handles its day-to-day operations. The General Office is located at the
Beijing Financial Street Beijing Financial Street (BFS) () is where Chinese regulatory agencies are located. It is located inside Beijing's innermost 2nd Ring Road. According to the 13th 5 years plan, Beijing Financial Street will be positioned more towards a regula ...
.


Composition


20th Central Committee

*Leader **
Li Qiang Li Qiang (; born 23 July 1959) is a Chinese politician and a senior leader of the Chinese Communist Party (CCP), serving as the second-ranking member of the 20th CCP Politburo Standing Committee, behind CCP general secretary Xi Jinping. From 2 ...
(2023–) *Deputy Leader(s) ** To be announced *Members ** To be announced *Director of the Office of the Commission **
He Lifeng He Lifeng (; born February 1955) is a Chinese economist, politician, the current chairman of the National Development and Reform Commission (NDRC), and a member of the Politburo of the Chinese Communist Party. Earlier in his career, he worked in ...
(2023–) *Deputy Director(s) of the Office of the Commission ** Wang Jiang (2023–, executive deputy director) ** Xia Xiande (2023–, deputy director)


See also

*
List of financial regulatory authorities by jurisdiction The following is an incomplete list of financial regulatory and supervisory authorities by individual jurisdiction. Central banks are only listed where they act as direct supervisors of individual financial firms. Unless they are set up exclusive ...


References

{{Central Committee of the Communist Party of China Institutions of the Central Committee of the Chinese Communist Party 2023 establishments in China Government finances in China