State Councilor and Secretary General of the State Council Xiao Jie bows to delegates before delivering a speech during the second plenary session of the National People’s Congress at the Great Hall of the People in Beijing on Tuesday.
Greg Baker/AFP via Getty Images
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Greg Baker/AFP via Getty Images
State Councilor and Secretary General of the State Council Xiao Jie bows to delegates before delivering a speech during the second plenary session of the National People’s Congress at the Great Hall of the People in Beijing on Tuesday.
Greg Baker/AFP via Getty Images
TAIPEI, Taiwan — China is proposing a large-scale restructuring of its science, technology, and financial regulators as part of an ambitious and relentless effort to outdo its geopolitical rivals. while minimizing domestic risks.
The reorganization aims to modernize the Ministry of Science and Technology and will create a new, consolidated financial regulator as well as a data regulator.
The changes are proposed by the State Council, similar to China’s cabinet, during its annual political and legislative meetings, where Chinese leader Xi Jinping is also expected to formally confirmed his third term as president.
Much of this year’s annual meetings – known as the Two Sessions in China – aim to promote the country’s self-reliance in key industrial and industrial sectors, especially in semiconductors. lead, after The United States imposes harsh export sanctions on chip components and software critical to China.
“Western countries led by the United States have taken comprehensive measures of containment, encirclement and suppression against us, bringing unprecedented serious challenges to the development of their countries. me,” said Xi Jinping. was quoted saying that this week, in a rare and direct rebuke in the name of the United States
Overall, the Ministry of Science and Technology will be restructured to align with the state’s priorities in innovation, investing in basic research and turning those achievements into practical applications, despite the lack of resources. The State Council’s data sets forth these proposed changes have very little detail on implementation. The proposal also calls for China to improve its patent and intellectual property system.
These changes, issued by the State Council on Tuesday, it still needs to be formally approved by the National People’s Congress this Friday, although the legislature’s deputies rarely vote dissent.
China has undergone two ministerial-level reshuffles since Xi took power in 2012, but this year’s changes are the most thorough.
The country will set up a national data office to specifically deal with data privacy and data storage issues, a responsibility previously held by the Cyberspace Administration of China (CAC). ) undertake. “A new data regulator makes perfect sense,” said Kendra Schaefer, a Beijing-based partner at consulting firm Trivium China. “[CAC] neither designed nor equipped to handle data security, especially cross-border data security.”
In addition, among the proposed reforms are the consolidation of existing banking and insurance supervisors into one agency, the expansion of the number of provincial branches under the central bank, and the strengthening of the central bank. securities regulator.
Under Xi Jinping, China has stepped up regulatory oversight of banking and consumer finance. financial regulator extinguish a public offering of financial technology company Ant Financial and put it under investigation to disregard banking standards. governing body also cut loans to heavily indebted real estate companies, causing property prices and sales to spiral downward. After three years of costly COVID-19 control, China is Also struggling to manage inflate local government debts.
“It is set up to resolve long-standing contradictions and problems in the financial sector,” Xiao Jie, secretary general of the State Council, said of the financial restructuring proposals in a statement. dad.
