World News | Xi seeks to bring digital sector under central CCP control

Beijing [China]March 14 (ANI): At two sessions of the National People’s Congress, Chinese President Xi Jinping sought to bring the country’s digital sector under the centralized control of the Chinese Communist Party, reports Bitter Winter, a book on religious freedom and Journal of Religious Liberty Human Rights.

Two new powerful and dangerous Chinese agencies, the State Financial Supervision Bureau and the National Data Administration, mean more control of the economy and the Internet by the CCP.

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Xi Jinping celebrated the party’s “victory” over the coronavirus in his first speech to China’s puppet parliament, which acts as a rubber-stamp for decisions made by the Communist Party’s Central Committee, sought to reassure economic data and warned that China was under siege from the West. The goal is to curb its growth and possibly overthrow the regime.

These may seem like clichés, but they were actually the backdrop for two of the most important decisions announced during the event so far. Xi Jinping insists that since the West is attacking us, we need more control and surveillance, including the economic and financial sectors, and of course the Internet (a constant Xi Jinping obsession), as any weakness is immediately exploited by the enemy, according to Bitter Winter .

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The most significant development is the liquidation of the China Banking and Insurance Regulatory Commission (CBIRC), which until now has been a very powerful body regulating China’s banking and financial industries.

Instead, a new National Financial Regulatory Administration (NFRA) will be created to manage China’s sprawling financial sector, but securities will not be covered and will continue to be managed by the China Securities Regulatory Commission (CSRC), Bitter Winter reported. ) jurisdiction.

The new NFRA will be administered directly by the State Department, whereas the old CBIRC was an independent agency under the State Department. This is not a small change, as it means that the financial and banking sectors will come under tighter and more direct control of the CCP.

Another new agency to emerge from the two sessions is the National Data Bureau (NDB), which will replace and absorb the Office of the Central Cybersecurity Commission (OCCC), under the direct supervision of the CCP Central Committee.

Along with the “Digital China 2023 Plan,” the establishment of the new bureau is a new attempt to achieve the elusive goal of fully controlling the internet, Bitter Winter reported. (Arnie)

(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)