CUSEF Blog

China releases proposal for State Council Institutional Reform

• China released its State Council Institutional Reform plan (Zh; abstract: En) that Premier Li Keqiang submitted to the National People’s Congress (NPC). At the center of the plan is the reconstruction of the departments for technology and financial regulation. The proposal would also bring these departments under the direct oversight of the Communist Party of China (CPC).

• The plan suggests redirecting some functions of the Ministry of Science and Technology to other ministries and departments. The potential move aims to keep the ministry focused on overcoming key challenges and helping the country to “move faster toward greater self-reliance in science and technology.” The plan also suggests establishing a National Financial Regulatory Administration (国家金融监督管理总局) to replace the China Banking and Insurance Regulatory Commission (中国银行保险监督管理委员会) and take over some functions of the People's Bank of China (中国人民银行, PBOC) and the China Securities Regulatory Commission (中国证券监督管理委员会, CSRC).

• The reform was proposed based on a document on the reform for Party and state institutions adopted at the second plenary session of the 20th Communist Party of China (CPC) Central Committee on March 1. The NPC will deliberate on the plan in the afternoon and vote on it Friday.

McCarthy to meet Tsai in U.S.

• U.S. House Speaker Kevin McCarthy would meet with Taiwan’s Tsai Ing-wen in California, the Financial Times reported Monday. “That has nothing to do with my travel, if I would go to Taiwan,” McCarthy said about the meeting when talking to the reporters on Tuesday. “China can’t tell me where and when I can go,” he added. McCarthy said last year that he would visit Taiwan if elected as House Speaker, a trip that could trigger a severe crisis.

U.S. to relax requirements of COVID testing for travelers from China

• The U.S. will drop the requirements of COVID-19 testing on travelers from China as early as Friday, sources told Wall Street Journal. The restriction was put forth by the Biden administration on January 5, right before China reopened its border.