A powerful new Chinese Communist party commission created to regulate the country’s financial sector has stepped up efforts to recruit nearly 100 officials ahead of a landmark leadership meeting next week.
The Central Financial Commission, which President Xi Jinping announced in March, will serve as the de facto watchdog, planner and decision maker for China’s $61tn financial sector, weakening the power of state institutions such as the People’s Bank of China and China Securities Regulatory Commission.
China’s ruling party is rushing to staff the commission, which has quietly begun operating ahead of the National Financial Work Conference, a quinquennial gathering that sets the agenda for financial sector reform, according to four people familiar with the matter.
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