China is significantly strengthening the central government's management and control capabilities by establishing the National Data Administration and the National Financial Regulatory Administration.
The National People's Congress (NPC) of China passed the State Council institutional reform plan, which includes the establishment of the National Data Administration and the National Financial Regulatory Administration, with 2,951 votes in favor and 1 against at the plenary session held at the Great Hall of the People on the 10th.
The Data Administration will oversee tasks such as promoting the development of the digital economy, implementing the national big data strategy, establishing fundamental data-related systems, and building data infrastructure. These responsibilities were previously handled by the National Development and Reform Commission (NDRC). Additionally, it will coordinate and promote the establishment of data-based systems, manage the sharing, development, and utilization of data resources, and plan and construct the digital economy and digital society. In effect, it will become the 'Big Brother' in the digital information sector.
Alongside this, the National Financial Regulatory Administration (NFRA), a government agency responsible for the overall supervision and management of financial industries other than securities, will be newly established directly under the State Council. The current duties of the China Banking and Insurance Regulatory Commission and the supervision of financial holding companies by the People's Bank of China will be transferred to this new agency.
The reform plan allows the Ministry of Science and Technology to focus on strategic roles such as major national science and technology projects, industrialization of scientific and technological achievements, integration of industry, academia, and research, establishment of science and technology supervision and evaluation systems, international cooperation, and talent cultivation. Among its subordinate institutions, the Rural Technology Development Center will be incorporated into the Ministry of Agriculture and Rural Affairs, the China Biotechnology Development Center into the National Health Commission, and the China 21st Century Agenda Management Center and the Advanced Technology Research and Development Center into the National Natural Science Foundation of China.
The reform plan also includes reducing central government department positions by 5% and strategically redistributing them to key areas. The functions related to aging population issues and policy formulation, previously handled by the National Health Commission, will be transferred to the Ministry of Civil Affairs, which is equivalent to South Korea's Ministry of the Interior and Safety. The Intellectual Property Administration will be directly supervised by the State Council cabinet.
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