Commentary
The Chinese Communist Party (CCP) intensifies control over the economy with a new vice premier and new supervisory bodies.
Under Xi Jinping, the CCP has continuously tightened its grip on the economy, including finance and banking. Now, newly-appointed Vice Premier He Lifeng and several new party-led bodies will ensure the country’s financial system aligns with CCP principles. Infusing CCP values into banking and financial systems is the latest step backward to a time of more orthodox central planning. China’s fastest economic development came during its period of opening, but now Xi appears to value party ideology over economic growth….