Part 4/11:
One emblematic move was the establishment of the National Financial Regulatory Administration (NFRA) in March 2023. Marketed as a regulatory overhaul, the NFRA reveals a broader trend of merging the state and Communist Party control, allowing Xi to exert influence over financial policies while casting aside independent oversight previously adhered to by entities like the China Banking and Insurance Regulatory Commission. The intention may be to instill order but risks further alienating international investors wary of this growing opacity in governance.