Chinese lawmakers have announced structural reforms to the country’s top regulatory body, from finance to big data.
Here are some of the key changes announced at the National People’s Congress (NPC) in Beijing:
– Reorganization of the Ministry of Science and Technology –
China’s Ministry of Science and Technology will be reorganized, according to a plan unveiled by the State Council, channeling more resources into manufacturing and research as Beijing pushes for self-reliance in the face of foreign efforts to “contain and suppress”.
The overhaul aims to help China become more independent in high-tech sectors that have recently become the subject of fierce global competition, such as semiconductors and Artificial Intelligence.
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Oversight will also be strengthened through the Central Science and Technology Commission, a new body that will “increase Party leadership in the sector”, according to a report by state media outlet China Daily.
– China’s new National Data Bureau-
Beijing will also set up a new institution tasked with managing digital resources – previously overseen by a patchwork of regulatory agencies.
The National Data Bureau (NDB) will be responsible for “coordinating and promoting the development of data infrastructure”, as well as “integration, sharing, development and use of data resources”, said Xiao Jie, the new secretary of the State Council.
Having long sought to increase China’s international competitiveness in the digital arena, this new institution will help Beijing use the vast amount of data generated by the country’s 1.4 billion people.
A public statement by the authorities indicated that the NDB would be given a wide scope, although responsibilities related to digital security are expected to remain under the Cyberspace Administration of China.
– Greater financial oversight –
Another major reform announced was the establishment of a new centralized regulatory body for finance, replacing the existing China Banking and Insurance Regulatory Commission.
The new supervisor will aim to speed up the control of the authorities in the financial sector, close the regulatory gaps between the existing institutions and bring them under the direct supervision of the State Council.
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Beijing has been playing a more proactive role in managing domestic finances because of the serious risks to China’s economy it has been exposed to in recent years, including a flailing property sector and worsening trade relations with the West.
A newly established regulatory body will help authorities in their new efforts to rein in China’s business titans.
– Speeding up China’s legislative process –
China’s rubber-stamp parliament also passed reforms that allow the Standing Committee of the National People’s Congress — the core of the legislative government — to pass laws after just one review session, according to Xinhua.
The Amendment to the Legislation Act will speed up the process of making legislation in certain emergency situations, although the details of what circumstances will be appropriate have not yet been announced.
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