After Xi Jinping’s elevation, sweeping restructuring of govt
BEIJING: China’s sweeping government restructuring plan gives President Xi Jinping more direct control over the levers of money and power by consolidating, creating or eliminating dozens of agencies.
The plan presented to the National People’s Congress on Tuesday leaves 26 cabinet-level ministries tasked with regulating industries and initiatives at the heart of Xi’s policy agenda. Their duties range from curbing risk in the country’s $43 trillion banking and insurance sectors to overseeing aid programmes for the Belt and Road initiative.
Central Bank becomes more central
China handed its central bank powers to write rules for much of the financial sector, while merging the China Banking Regulatory Commission and the China Insurance Regulatory Commission.
Stronger environmental watchdog
The moves will see China expand its environmental ministry, creating a new ministry of ecology and environment. The new body will absorb some roles now held by the state planner, the National Development and Reform Commission.
Agency for Xi’s pet project
The agency will provide a bureaucratic focal point for the Belt and Road Initiative, a massive programme to build or expand roads, railways, ports, pipelines and power plants around the globe.
Anti-monopoly regulator empowered
The new market supervision administration appears set to be a powerful new regulator for companies operating in China. The agency will also oversee the State Intellectual Property Office, the focus of a potential US-China trade dispute.
New ‘mega ministry’ for Agriculture
China is building a more powerful agriculture agency--absorbing roles held by the NDRC and the ministries of commerce, land and water resources.