| 中国共产党中央委员会金融工作委员会 Zhōngguó Gòngchǎndǎng Zhōngyāng Wěiyuánhuì Jīnróng Gōngzuò Wěiyuánhuì | |
 | |
| Agency overview | |
|---|---|
| Formed | 2023; 3 years ago (2023) |
| Type | Commission directly reporting to theCentral Committee |
| Jurisdiction | Chinese Communist Party |
| Headquarters | Beijing |
| Agency executives |
|
| Parent agency | Central Committee of the Chinese Communist Party |
| Central Financial Work Commission | |||||||
|---|---|---|---|---|---|---|---|
| Simplified Chinese | 中央金融工作委员会 | ||||||
| Traditional Chinese | 中央金融工作委員會 | ||||||
| |||||||
TheCentral Financial Work Commission (CFWC) is a commission of theCentral Committee of theChinese Communist Party (CCP) that supervises the ideological and political role of the CCP in theChinese financial system.
CFWC was first created in 1998 to supervise the financial system on behalf of the CCP and to prevent deviations on the part of CCP-appointed managers. It was proposed by the staff of theCentral Finance and Economics Leading Group (CFELG) and pursued byZhu Rongji with the support ofJiang Zemin andLi Peng. The CFCW had political supervision and personnel authority over thePeople's Bank of China and state financial regulatory bodies, as well as over China's most important national firms.[citation needed]
The Central Financial Work Commission consisted of several core departments: the Organization Department, the Financial Discipline Inspection Work Commission and the Department of Supervisory Board Work. It had about 200 officials and was ranked above ministerial level. Its operations were supervised by Executive Deputy SecretaryYan Haiwang, and it regularly reported directly to its head, CFCW SecretaryWen Jiabao, who concurrently served as a member of thePolitburo and as vice-premier in charge of work on finance. Wen was CFCW Secretary from 1998 until the organization's demise in 2002.[1] Some have interpreted this to be evidence of the fact that Wen was being groomed and tested for the position of premier, since he clearly lacked the experience to run effective financial policy.[2] The CFCW facilitated comprehensive personnel reshuffles during its existence, particularly in 1999 and 2000.[citation needed]
The CFWC was abolished at the16th Party Congress in late 2002, and most of its functions were transferred to state regulatory bodies.[3]Sebastian Heilmann argues that the CFCW was created as part of a strategy to stop the breakdown of the hierarchies in the Chinese financial industry and to restore central policy decisiveness in the aftermath of theAsian financial crisis.[4]
It was reestablished in 2023 under CCP general secretaryXi Jinping as part of theplan on reforming Party and state institutions, together with theCentral Financial Commission.[5] It was reported that it will supervise the ideological and political role of the CCP in the financial sector.[6] In November 2023,He Lifeng was appointed as the secretary of the commission.[7]
