Communist party commission will overshadow state institutions such as central bank
Beijing is putting the final touches to a powerful Communist party commission that will oversee the country’s financial sector regulation, recruiting nearly 100 officials ahead of a landmark economic policy meeting next week.
The absence of a single regulator and policy-setting institution has in the past made it difficult for Beijing to control new financial business models such as the micro-lending and payment platforms developed by internet billionaire Jack Ma’s Ant Group before a 2020 crackdown that forced him to cede control this year. Experts said the commission could act more quickly to close regulatory loopholes in areas such as shadow banking and peer-to-peer lending.
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