Hong Kong/Seoul | Beijing is putting the final touches to a powerful new communist party commission to regulate the country’s financial sector, recruiting nearly 100 officials ahead of a landmark economic policy meeting next week.

The Central Financial Commission, which President Xi Jinping announced in March, will serve as the de facto watchdog, planner and decision maker for China’s $US61 trillion ($96 trillion) financial sector, weakening the power of state institutions such as the People’s Bank of China and China Securities Regulatory Commission.

Financial Times