Chinese Premier Li Qiang puts financial risk at forefront as head of new Communist Party body
- At a meeting of a Communist Party organ supervising financial matters, Premier Li Qiang was revealed as director
- New commission will take risk prevention and buttressing weak sectors of the economy as priority, Li said
Premier Li Qiang has taken the helm at the Central Financial Commission (CFC), a new organ of the Communist Party established to oversee the financial sector, and supervised a meeting on Monday where the sector’s role in supporting the real economy and managing risks was stressed.
Li was mentioned as director of the commission in a report from state news agency Xinhua covering the meeting, convened to flesh out general directions confirmed at the central financial work conference late last month.
The CFC was set up in March under the direct supervision of the party to tighten control over finance as part of a broad reshuffle of party and state institutions.
Li pledged more support for strategic sectors at Monday’s meeting, vowing to address weak links in the economy as a property market crisis weighs on growth and small businesses continue to struggle even after the lifting of stringent zero-Covid measures.
To that end, the commission should “intensify financial supervision in a comprehensive way” and better coordinate different departments, Li said.
It’s a good time for financial organisations to exert their influence
He also recommended detailed policies to support the growth of fintech, green finance, inclusive finance, pension finance and digital finance – five areas listed at last month’s conference as essential in fulfilling China’s ambition to be a “major financial power”.
