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China to merge regulators, create new ministries in biggest revamp in years

Reuters  |  BEIJING 

By Shu Zhang and Se Young LeeBEIJING (Reuters) - China is merging its banking and insurance regulators and giving new powers to policymaking bodies such as the central bank in the biggest government shake-up in years. The revamp is a cornerstone of President Xi Jinping's agenda to put the leadership of the ruling Communist Party squarely at the heart of policy with Xi himself at the core of the party. The economy and the party have become ever more intertwined since the once-in-five-years party congress in October when Xi consolidated his grip on power, with party control deemed necessary to ...

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First Published: Tue, March 13 2018. 12:15 IST