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Approval of Sweeping Government Overhaul to Address Nation’s Issues
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Approval of Sweeping Government Overhaul to Address Nation’s Issues

Caixin Staff
Caixin, 2018
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Recommendation

The most headline-grabbing decision of the 2018 National People’s Congress (NPC) in China was a constitutional amendment abolishing presidential term-limits, paving the path for President Xi Jinping to stay in office indefinitely. Other constitutional changes have remained largely below the radar of the Western media but may have an equally decisive impact on the course of the country. Caixin explains how this year’s NPC has laid the groundwork for a major reorganization of the Chinese government. getAbstract recommends this informative overview of Chinese ministry consolidation to everybody doing business in China.

Summary

China’s central government is consolidating its cabinet by reducing the number of agencies to 26 – half of what it was in 1982. The goal of this major government overhaul is to eliminate overlapping responsibilities, promote better interagency cooperation and improve government oversight. Several changes are particularly noteworthy:

  • China Banking and Insurance Regulatory Commission – The new agency combines banking and insurance regulation under a single umbrella. The change comes as banking and insurance products have increasingly come to overlap.
  • State Market Regulatory Administration

About the Author

The writers are reporters and editors for the business magazine Caixin.

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