China set to overhaul financial system giving Xi Jinping more control

Chinese President Xi Jinping is set to bring decision-making of the financial system further under his control with the likely revival of a powerful committee to coordinate financial policy and the possible appointment of a key ally in a top position at the central bank.

Authorities are considering reviving the long-disbanded Central Financial Work Commission to allow the ruling Communist Party to assert more control over financial policy, according to sources. Ding Xuexiang, Xi’s chief of staff, is set to become the head of the entity.

He Lifeng — who is expected to replace Liu He as China’s vice premier responsible for