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China revives ruling party control of financial oversight

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BEIJING — The ruling Communist Party of China is establishing commissions to oversee finance and tech, state media announced Thursday.

The changes come as Chinese President Xi Jinping sees unity under the party as essential for building up the country. That contrasts with a tendency of Chinese leaders in past decades to delegate more power to the government and its ministries.

A new «Central Financial Commission» is set to strengthen the party's «centralized and unified leadership over financial work,» state media said Thursday in Chinese, according to a CNBC translation.

The commission is responsible for high-level planning in financial stability and development, the report said. The Chinese government's annual legislative meeting this month emphasized that addressing financial risks is a priority for policymakers this year.

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