Who’s on China’s new Central Financial Commission, and what will the Communist Party watchdog do?

The country’s No 2 political figure, along with other high-profile officials, held a meeting that day to discuss the implementation of recommendations made at October’s twice-a-decade central financial work conference and how specific responsibilities would be divided.

At the meeting, Li was reported as saying the commission would prioritise risk prevention and buttress “weak links” in the economy.

03:24

China’s new premier Li Qiang outlines priorities in first press conference

China’s new premier Li Qiang outlines priorities in first press conference

Who are the other heavyweights on the Central Financial Commission?

Wang Jiang, former party chief of the state-owned financial conglomerate China Everbright Group, has been named executive deputy director of the office.

Former finance vice-minister Xia Xiande is another deputy director.

What does the Central Financial Commission do?

The commission is under the direct supervision of the Central Committee, a top decision-making body. It is one of several organs established as part of a March restructuring that bolstered the party’s direct control over strategic sectors.

It has a mandate to manage financial planning, eliminate and prevent systemic risks, provide funding for the real economy and guide the overseas use of the yuan, among other tasks.

The CFC commenced operations in late September as China’s property sector – a major economic pillar – and local governments continue to be heavily encumbered by debt, putting the stability and recovery of the world’s second-largest economy on the line.

How does it relate to other economic organs?

Both Li and He sit on the Central Financial and Economic Affairs Commission (CFEAC), a powerful party organisation headed by President Xi Jinping with a comprehensive portfolio covering all major economic policies. The CFC will implement finance-related decisions and directives from the top leadership.

He Lifeng wears another hat as party chief of the Central Financial Work Commission, a newly chartered organisation overseeing party ideology and discipline in China’s sprawling financial sector.

It shares an office compound with the CFC on Financial Street in downtown Beijing.