China to undergo biggest gov’t overhaul in years

China to undergo biggest gov’t overhaul in years

Mubasher: The Chinese government is planning a complete shake-up in its banking and insurance regulatory bodies, as reported by Reuters.

The overhaul is giving new powers to policymaking bodies such as the People's Bank of China, the country’s central bank, as well as creating new ministries.

This comes as the President of China Xi Jinping aims to reassure his leadership of the ruling Communist Party, especially after presidential term limits were removed from the state constitution.