Experts from the China Construction Financial Regulatory Bureau and the Data Bureau: want to intervene in the market

[March 8, 2023](Reported by Epoch Times reporters Ning Haizhong and Luo Ya) The CCP officially announced yesterday (March 7) that the “State CouncilInstitutional reform“Program”. The content is concentrated in the fields of science and technology, finance, data, etc., and the State Financial Supervision and Administrationdata bureau. Experts believe that the CCP’s strengthening of supervision in these areas cannot eliminate its own risks, but it is a kind of intervention and destruction of the free economic market. The CCP’s control of data is to achieve totalitarianism internally and threaten the world externally.

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According to the official report of the CCP, the State Administration of Financial Supervision (hereinafter referred to as the State Administration of Financial Supervision) was established on the basis of the China Banking and Insurance Regulatory Commission. The China Banking and Insurance Regulatory Commission is no longer retained. The China Securities Regulatory Commission was adjusted from a public institution directly under the State Council to an institution directly under the State Council.new countrydata bureau(hereinafter referred to as the Data Bureau), by the Chinese Communist PartyDevelopment and Reform CommissionManagement and integration of data supervision tasks undertaken by central ministries and commissions such as the Cyberspace Administration of China and the National Development and Reform Commission.

CCP Strengthens Financial Supervision Experts: The Power of the Party Is a Kind of Intervention and Destruction

Regarding the establishment of the State Administration of Financial Supervision, the Chinese Communist Party’s official media interpreted that it can strengthen institutional supervision, behavioral supervision, functional supervision, penetrating supervision, continuous supervision, etc.

Song Guocheng, a senior researcher at the International Relations Research Center of National Chengchi University, told The Epoch Times on the 7th that the CCP must supervise everything, and the entire CCP’s behavior is monitoring, management, and control. This is a very serious ideological problem.

“Whether it is financial business or various emerging economies, it is basically open, diversified, and independent innovation. At the same time, the most important thing is to preserve the private property, intellectual property, and even the spirit of freedom and openness of the enterprise. It can only achieve concrete results. This is not achieved by monitoring, controlling, and managing with the power of the party.”

He believes that this is a kind of left ideology at work, a kind of intervention and destruction of the free economic market itself, which does not conform to the global trend at all.

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Cheng-Bing Cheng, a professor of finance at Taiwan’s Yunlin University of Science and Technology, told The Epoch Times on the 7th that the most important reason for the authorities to add the Financial Supervisory Bureau and raise the status of the Securities Regulatory Commission is because of the serious systemic risks in China’s financial system.

“The intensity of supervision is increasing and the level is getting higher and higher, mainly because starting from real estate, the financial risks in the whole of China are increasing. The local government’s finances are in trouble. Local small and medium-sized enterprises, small and medium-sized financial institutions, and small and medium-sized village banks There is a problem, and this problem is very serious.”

He believes that it is still difficult to change the situation in the entire financial sector after the authorities have changed and changed. It can only delay the occurrence of major risks. “Because the problem of China’s real estate is too serious, real estate accounts for a quarter of all China’s output. It cannot eliminate the risks accumulated by the CCP for decades.”

Analysis: The CCP Data Bureau achieves totalitarianism internally and externally responds to conflicts with the West

Regarding the establishment of the National Data Bureau by the CCP, Song Guocheng said that as a component of the emerging economy, the digital economy can only be realized by a very sound and open market economy. But the CCP’s strategy for the data economy is that the state controls the operation of the entire digital economy, including sensitive private information, intelligence, and even the construction of national databases. It is a manifestation of digital totalitarianism.

“I think the digital economy is a slogan. It is basically a nationalist control over data, information, and the Internet. The political purpose is far higher than its economic significance.”

Zheng Zhengbing believes that the addition of the data bureau is mainly due to the increasingly serious conflict between the CCP and the Western world. After the outbreak of trade wars, technology wars and geopolitical conflicts, the issue of data has become more sensitive. Earlier, the Ministry of Finance of the Communist Party of China ordered state-owned enterprises and high-tech enterprises to stop using the services of the country’s Big Four accounting firms, because they were afraid that internal information would be grasped by the Western world.

“The CCP hopes to have a more centralized control of data, so it has integrated into a national data bureau to control its data more closely. In an era of information explosion, it is even less confident and feels more critical.”

He mentioned the recent example of AI ChatGPT, a dialogue software related to artificial intelligence, being banned by the CCP, and believed that the CCP’s global operations in the future will still cause many problems.

Zheng Zhengbing said that the CCP is a backward system, an autocratic communist system, and the influence of the so-called party and the state is everywhere, intervening in enterprises, people, and individuals. The Western world did not pay much attention to this before, but during the Russo-Ukrainian War and the US-China conflict, the international community discovered through TikTok, WeChat, or Huawei’s communications and other incidents that the CCP’s authoritarian regime monitors information and masters data. The world is a big threat.

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This time the CCP Data Bureau was put inDevelopment and Reform Commission, and the nearest local national defense mobilization office is under the management of the National Development and Reform Commission. Zheng Zhengbing said that the National Development and Reform Commission was originally responsible for the macro-control of economic and social development, but now it is related to war mobilization, resources, and data. It seems that the CCP is preparing for war for geopolitical conflicts.

“The role played by the National Development and Reform Commission is getting bigger and bigger, which is a bad signal for China and the whole world,” he said.

Responsible editor: Li Muen#