China overhauls ministries to take on the west in tech

China will overhaul its financial system and bolster science and technology to try to catch up with the west, creating a new financial regulatory commission and a department to oversee data. Measures come as Xi Jinping embarks on a third term as president.

March 7, 2023 . 10:18 PM

1 min read

China will overhaul supervision of its financial system and bolster science and technology to try to catch up with the west.
The reconstituted science ministry will seek to combine education and research with practical applications.
China will create a State Financial Regulatory Commission to oversee all activities in banking and insurance.
The CSRC will report directly to the cabinet and take over reviewing the issuance of bonds including billions of dollars of debt issued by local government financing vehicles.
China will also establish a National Data Bureau to oversee and protect the country’s mountain of data.