Thursday, October 02, 2003
My comment on 4/3/03 when there was intense discussion on the possible formation of the Central Banking Regulatory Commission:
My point about Zhou is that he would prefer not to split the power of the
PBOC, as he is now Governor. In fact, the PBOC and the the nascent CBRC
people are still fighting over who will control various piece. One item
of contention is whether trust and investment companies should fall under
the supervision of the CBRC or the PBOC.
CBRC has an advantage in that the party secretary, Yan Haiwang, is a
close protege of Wen Jiabao. Part of the reason why CBRC was created in
the first place was to give Yan a firmer institutional power base. The
old CFWC, which will soon be abolished, only shared appointment power with
the Organization Department, and had little formal power otherwise. CBRC
will firmly place supervision power in the hands of Yan Haiwang.
I think CBRC will have similar bureaucratic status as CSRC and CIRC.
My point about Zhou is that he would prefer not to split the power of the
PBOC, as he is now Governor. In fact, the PBOC and the the nascent CBRC
people are still fighting over who will control various piece. One item
of contention is whether trust and investment companies should fall under
the supervision of the CBRC or the PBOC.
CBRC has an advantage in that the party secretary, Yan Haiwang, is a
close protege of Wen Jiabao. Part of the reason why CBRC was created in
the first place was to give Yan a firmer institutional power base. The
old CFWC, which will soon be abolished, only shared appointment power with
the Organization Department, and had little formal power otherwise. CBRC
will firmly place supervision power in the hands of Yan Haiwang.
I think CBRC will have similar bureaucratic status as CSRC and CIRC.
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