China Strengthens Communist Party Oversight of Financial Sector

China will set up two financial supervisory bodies to strengthen the Communist Party’s oversight of the sprawling financial sector, part of a broad plan to restructure government and party organizations and contain financial risks.

A Central Financial Commission will be set up to lead financial work under the direct watch of the ruling party’s central committee, according to the restructuring plan unveiled Thursday. A separate Central Financial Work Commission will be created to guide party building in the finance sector, according to the plan.