Central Financial Work Commission

Not to be confused withCentral Financial Commission.

For other uses of "CFWC", seeCFWC (disambiguation).

Central Financial Work Commission

Trung Quốc Đảng Cộng Sản trung ương ủy ban tài chính công tác ủy ban
Abbreviation	Chinese:Trung ương tài chính công tác ủy ban
Formation	2023(2023)
Type	Commission directly reporting to theCentral Committee
Region	Mainland China
Secretary	He Lifeng
Executive Deputy Secretary	Wang Jiang
Deputy Secretary	Qin Bin
Parent organization	Central Committee

Central Financial Work Commission
Simplified Chinese	Trung ương tài chính công tác ủy ban
Traditional Chinese	Trung ương tài chính công tác ủy ban
Transcriptions Standard Mandarin Hanyu Pinyin Zhōngyāng Jīnróng Gōngzuò Wěiyuánhuì

TheCentral Financial Work Commission(CFWC) is a commission of theCentral Committeeof theChinese Communist Party(CCP) that supervises the ideological and political role of the CCP in theChinese financial system.

History

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 Rongjiwith the support ofJiang ZeminandLi Peng.The CFCW had political supervision and personnel authority over thePeople's Bank of Chinaand state financial regulatory bodies, as well as over China's most important national firms.

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 thePolitburoand as vice-premier in charge of work on finance. Wen was CFCW Secretary from 1998 until the organization's demise in 2002.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.The CFCW facilitated comprehensive personnel reshuffles during its existence, particularly in 1999 and 2000.

The CFWC was abolished at the16th Party Congressin late 2002, and most of its functions were transferred to state regulatory bodies.Sebastian Heilmannargues 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.While this strategy was successful in establishing centralized supervision and homogenizingfinancial regulation,it failed to produce market-driven incentive structures for financial executives and clashed with nascent forms of corporate governance emerging in China. According to Heilmann, the dissolution of the CFCW constituted a major redefinition of Party control in economic regulation.

Re-establishment

It was reestablished in 2023 under CCP general secretaryXi Jinpingafter wide-ranging reforms to change the Party and state structure, together with theCentral Financial Commission.It was reported that it will supervise the ideological and political role of the CCP in the financial sector.In November 2023,He Lifengwas appointed as the secretary of the commission.

See also

• List of financial regulatory authorities by jurisdiction