ICBC is followed in the ranking by another state-owned Chinese bank (Agricultural Bank of China), then another one (China Construction Bank), and then another (Bank of China). Three failing banks – Baoshang, Jinzhou and Hengfeng – also had to be rescued by the central state in 2019. The CFC is to have its own office inside the Central Committee, which it will share with a companion Central Financial Work Commission (CFWC) – also announced in March. Party channels – say, from the Central Committee to a provincial party committee, or from the central bank party committee to the ICBC party committee – maintain their own integrity beyond, or rather behind, administrative relationships embedded in the government machinery. For all the idiosyncrasies of each generation of political leadership, patterns of institutional reform echo each other from one cycle to the next.

Source: Forbes June 16, 2023 10:16 UTC