What’s new: Premier Li Qiang has taken over as chief of the Central Financial Commission (CFC), a Communist Party body that oversees China’s 449 trillion yuan ($62.1 trillion) financial sector.
Li chaired a CFC meeting on Monday, approving a plan that aims to promote “high-quality” development of the sector, the state-run Xinhua News Agency reported.
The meeting called for the swift introduction of specific policies aimed at bolstering green finance, inclusive finance, retirement finance, digital finance, and financial support for the technology industry.
The background: The CFC is one of the two new financial supervisory bodies that the party set up earlier this year. It is responsible for top-level design, coordination and supervision of the financial sector, as well as the research and review of major policies and issues.
Earlier this month, state media reported that Vice Premier He Lifeng had become director of the CFC’s general office.
The CFC meeting follows the Central Financial Work Conference in late October. The twice-a-decade conference proposed solutions to prominent issues facing China’s financial industry, including a protracted property sector slump and soaring local government debt.
Read more In Depth: China’s Ambition to Build a Financial Powerhouse
Contact reporter Qing Na (qingna@caixin.com) and editor Jonathan Breen (jonathanbreen@caixin.com)
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