China unveiled a “revolutionary” government restructuring plan that consolidates Communist Party authority, giving President Xi Jinping more direct control over the levers of money and power.
The plan put before China’s rubber-stamp parliament Tuesday — some of which had been reported by Bloomberg — calls for giving the People’s Bank of China greater oversight in the $43 trillion banking and insurance industry and merging regulators that oversee the sector. The plan’s goal was “strengthening the Communist Party’s overall leadership” of the state, the document said.
