Â
>>REAL-TIME UPDATES IN THE WIRE. CLICK HERE<<<
Â
Â
China on Tuesday unveiled a sweeping reform plan for a slew of state institutions, including restructuring the Ministry of Science and Technology (MST) and establishing a national financial regulatory administration, part of the country’s efforts to bolster its scientific-technology capabilities and economic and financial security amid growing external uncertainties.
China plans to set up an enlarged national financial regulator which will take some duties away from the central bank, in a move to strengthen oversight of its financial system, according to a State Council plan submitted to parliament on Tuesday.
The new General Office for National Financial Regulator, directly under the State Council, is formed on foundation of China Banking and Insurance Regulatory Commission (CBIRC) and it’s tasked to oversee all financial sectors except the securities industry, it said.
It will take over functions including oversight of financial holding companies such as Ant Group Co. from the central bank.
China will restructure its science and technology ministry to channel more resources to achieving important breakthroughs, part of efforts to achieve technological self-reliance, according to the plan.
“Facing the severe situation of international scientific and technological competition as well as external containment and suppression, it’s necessary to accelerate the realisation of high-level scientific and technological self-reliance and self-improvement,” according to the plan.
The country will also set up a national data bureau which will be responsible for promoting the construction of data infrastructure and coordinating the sharing and development of data resources, according to the plan
The bureau will be administrated by the state planning agency, the National Development and Reform Commission (NDRC).
The new bureau will also take over the responsibilities of formulating the plan for developing digital China, promoting informatization of public services and social governance, promoting smart city construction, coordinating the development and sharing of important national information resources, promoting the development of the digital economy, etc, from the Office of the Central Cyberspace Affairs Commission and the NDRC.