China Tightens Grip Over Financial System, Prioritizing Party Control Over Market Reforms
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China's Communist Party tightening control over country's financial system, reflecting concerns over economic distress.
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Financial institutions now focused on party priorities rather than shareholder value like Western counterparts.
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Absence of market reform promises at policy conference worries investors amid recent capital outflows.
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Centralization of power may help address current property slump and local debt issues.
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Preventing financial risks is top priority, even if it means slower financial opening and reform.