Central Financial Work Commission
中国共产党中央委员会金融工作委员会 | |
Abbreviation | Chinese: 中央金融工作委员会 |
---|---|
Formation | 2023 |
Type | Commission directly reporting to the Central Committee |
Region | Mainland China |
Secretary | He Lifeng |
Executive Deputy Secretary | Wang Jiang |
Deputy Secretary | Qin Bin |
Parent organization | Central Committee |
Central Financial Work Commission | |
---|---|
Hanyu Pinyin | Zhōngyāng Jīnróng Gōngzuò Wěiyuánhuì |
The Central Financial Work Commission (CFWC) is a commission of the
History
CFWC was first created in 1998 to supervise the financial system on behalf of the CCP and to prevent deviations on the part of CCP-appointed managers. It was proposed by the staff of the
The Central Financial Work Commission consisted of several core departments: the Organization Department, the Financial Discipline Inspection Work Commission and the Department of Supervisory Board Work. It had about 200 officials and was ranked above ministerial level. Its operations were supervised by Executive Deputy Secretary Yan Haiwang, and it regularly reported directly to its head, CFCW Secretary Wen Jiabao, who concurrently served as a member of the Politburo and as vice-premier in charge of work on finance. Wen was CFCW Secretary from 1998 until the organization's demise in 2002.[1] Some have interpreted this to be evidence of the fact that Wen was being groomed and tested for the position of premier, since he clearly lacked the experience to run effective financial policy.[2] The CFCW facilitated comprehensive personnel reshuffles during its existence, particularly in 1999 and 2000.
The CFWC was abolished at the
Re-establishment
It was reestablished in 2023 under CCP general secretary Xi Jinping after wide-ranging reforms to change the Party and state structure, together with the Central Financial Commission.[5] It was reported that it will supervise the ideological and political role of the CCP in the financial sector.[6] In November 2023, He Lifeng was appointed as the secretary of the commission.[7]
See also
References
- ^ Yang, Dali. (2004). Remaking the Chinese Leviathan: Market Transition and the Politics of Governance in China. Stanford: Stanford University Press.
- ^ Naughton, Barry. (2003). The Emergence of Wen Jiabao. China Leadership Monitor 6. Available at <http://media.hoover.org/documents/clm6_bn.pdf>.
- ^ China Brief, December 6, 2006. Available at <http://www.jamestown.org/china_brief/article.php?articleid=2373248[permanent dead link]>.
- ^ Heilmann, Sebastian.(2005). Regulatory Innovation by Leninist Means: Communist Party Supervision in China’s Financial Industry. China Quarterly 181, 1-21.
- ^ Hong, Chun Wan; Zhai, Keith (16 March 2023). "China's Communist Party Overhaul Deepens Control Over Finance, Technology". The Wall Street Journal. Retrieved 16 March 2023.
- ^ Chen, Laurie; Tang, Ziyi (16 March 2023). "China to create powerful financial watchdog run by Communist Party". Reuters. Retrieved 17 March 2023.
- ^ "China's He Lifeng named to key post in Central Financial Commission". Reuters. 2023-11-06. Retrieved 2023-11-06.