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Three things to know about China's new financial commissions

Party's own bodies to keep financial system aligned with political goals

A visitor is silhouetted against a Chinese Communist Party flag displayed at the Museum of the Communist Party of China in Beijing on Oct. 13, 2022.   © Reuters

China's overhaul of its financial regulatory system is gathering pace.

The new State Administration for Financial Regulation (SAFR) under the State Council, which is tasked with overseeing the financial sector apart from securities, was formally launched last week. It is led by Li Yunze, a seasoned banker who most recently was a vice governor of Sichuan province and is still listed on the provincial government website.

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