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33-698: The chairman is officially nominated within the CPPCC National Committee and approved by a plenary session of the National Committee. The chairman is a member of the Standing Committee of the National Committee, which handles the regular affairs of the body, and presides over its work. The chairman is also a member of the Chairperson's Council, which handles the day-to-day affairs of the Standing Committee. The chairman

66-562: A plenary session of the National Committee. The vice chairpersons are members of the Standing Committee of the National Committee, which handles the regular affairs of the body, and members of the Chairperson's Council, which handles the day-to-day affairs of the Standing Committee. The head of the United Front Work Department (UFWD) of the Chinese Communist Party (CCP) has generally served as

99-646: A sub-provincial network of city-level and county-level sub-branches. That same year, the so-called credit plan, a key feature of China's former state planning process, was finally abandoned, allowing the PBC to play a genuine role as monetary policy authority. In 2003, the Standing Committee of the National People's Congress approved an amendment law for strengthening the role of PBC in the making and implementation of monetary policy for safeguarding

132-700: A transition from that single-tier banking system to a two-tier system, which was largely completed by 1984. In March 1979, as part of the Chinese economic reforms , the State Council split off state-owned banks from the PBC, first the Agricultural Bank of China (ABC) and the Bank of China (BOC). The People's Construction Bank of China , which had been run separately under the Ministry of Finance,

165-563: Is Wang Huning , who is the 4th-ranking member of the PSC. The chairman is central to the united front system of the CCP. According to Sinologist Peter Mattis, the role "largely consists of public appearances, speaking engagements, and pressing the flesh to ensure the party’s ideas remain paramount". The chairman speaks at the department directors’ meeting ( 全国统战部长会议 ) of the United Front Work Department (UFWD) held around every December or January, with

198-564: Is assisted in their work by vice chairpersons and the secretary-general of the National Committee. The chairman is usually the leader of the united front system of the Chinese Communist Party (CCP), being the head of the principal forum for united front work. Since its establishment, all CPPCC chairpersons have been a member of the Politburo Standing Committee of the CCP except during transition periods, being at least its 4th-ranking member. The incumbent chairman

231-487: Is nominated by the premier of the State Council , who is then approved by the National People's Congress or its Standing Committee and appointed by the president .The deputy governors of the PBC are appointed to or removed from office by the premier. The PBC adopts the governor responsibility system under which the governor supervises the overall work of the PBC while the deputy governors provide assistance to

264-635: Is the central bank of the People's Republic of China . It is responsible for carrying out monetary policy as determined by the People's Bank Law and the Commercial Bank Law. The PBC was established in 1948 and became China's sole central bank after the founding of the People's Republic of China in 1949. From 1969 to 1978, the PBC was demoted to a bureau of the Ministry of Finance . The PBC

297-657: The 8th National People's Congress , and was granted a higher degree of autonomy than other State Council ministries by an act that year. In 1996 and 1996, the PBC established fundamental regulations on loans and consumer credit. In 1998, the PBC underwent a major restructuring. All provincial and local branches were abolished, and the PBC opened nine regional branches, whose boundaries did not correspond to local administrative boundaries. The nine branches were located in Chengdu , Guangzhou , Jinan , Nanjing , Shanghai , Shenyang , Tianjin , Wuhan , and Xi'an , complemented by

330-407: The Bank of China were either organized as divisions of the PBC or were non-deposit taking agencies. From 1952 to 1955 government shares were added to private banks to make state-private banks, until under the first Five Year plan from 1955 to 1959 the PBC had complete control of the private banks, making them branches of the PBC, closely resembling the vision of Vladimir Lenin . With aid from

363-602: The Soviet Union , the shares of private enterprises and with them industrial output followed a similar path, forming a Soviet-style planned economy . During the Cultural Revolution , the PBC suspended its commercial banking service. In June 1969, the State Council approved the consolidation of PBC's headquarters as a bureau within the Ministry of Finance . In that context, the PBC's head office

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396-425: The State Council . The PBC lacks central bank independence and is required to implement the policies of the Chinese Communist Party (CCP) under the direction of the party's Central Financial Commission . The PBC is led by a Governor assisted by several Deputy Governors and a CCP Committee Secretary . Since 2023, the roles of Governor and CCP Committee Secretary have been held jointly by Pan Gongsheng . The bank

429-466: The renminbi . As of 2021 , China has swap agreements with 40 countries. In 2010, the PBC issued administrative measures regarding online non-financial payment services . These measures retroactively recognized the legal status of online third-party payment platforms like Alipay . Prior to the 2010 measures, these services existed in a legal grey area. In 2015, the PBC hosted China's first formal deposit insurance scheme. In 2019, this scheme

462-601: The Chinese state media emphasizing the role of the chairman and their speeches over the UFWD director, who nominally presides over the meeting. The chairman usually leads the Central Coordination Group for Xinjiang Work and the Central Coordination Group for Tibet Work, the top CCP decision-making bodies on Xinjiang and Tibet . Additionally, though not required by law, the chairman also generally serves as

495-705: The Credit Reference Centre to provide financial credit reporting. In 2008, the PBC lost the direct ownership stakes it had built up in much of China's financial sector as the ownership of Central Huijin was transferred to the China Investment Corporation (CIC), a newly created sovereign wealth fund . During the Great Recession , the PBC helped address bank liquidity crisis by signing swap agreements with numerous other countries to provide them with liquidity based on

528-614: The National Committee of the Chinese People's Political Consultative Conference ( CPPCC ) are deputies to the chairman of the Chinese People's Political Consultative Conference . The official responsibility of the vice chairpersons is to assist the CPPCC chairman with the leadership of the CPPCC Standing Committee. The vice chairpersons are officially nominated within the CPPCC National Committee and approved by

561-490: The PBC in the Caribbean Development Bank). The PBC Monetary Policy Committee is an advisory body chaired by the PBC governor. It typically includes the directors and deputy directors of other financial agencies, as well as a few influential academic economists. As of 2019 , the PBC consisted of functional departments (bureaus) as below: The following enterprises and institutions were directly under

594-664: The PBC is the most powerful position in the bank and can hold more sway than the governor. The current CCP committee secretary is Pan Gongsheng. The PBC has branches in each 31 provincial-level administrative divisions in China, branches in five cities (Shenzhen, Dalian, Ningbo, Qingdao, and Xiamen), and 317 branches in prefecture-level divisions . It has 6 overseas representative offices (PBC Representative Office for America, PBC Representative Office (London) for Europe, PBC Tokyo Representative Office, PBC Frankfurt Representative Office, PBC Representative Office for Africa, Liaison Office of

627-699: The PBC reluctantly lost its direct authority over banking supervision with the creation of the China Banking Regulatory Commission . In 2005, the PBC elevated its branch in Shanghai to the status of "second head office", in a move intended to mirror the prominent market-facing role of the Federal Reserve Bank of New York within the US Federal Reserve System . In 2006, the PBC established

660-463: The abolition of the nine regional branches established in 1998, which had already seen their authority watered down by a change in 2004 that had returned authority to the PBC's branches at the provincial level and further changes in 2018. Additionally, the PBC's county-level branches were absorbed by city-level branches. The new branches were inaugurated on August 18, 2023. The oversight over financial holding companies and financial consumer protection

693-643: The first-ranking vice chairperson. The other vice chairpersons have generally included the president of the Chinese Academy of Social Sciences , former chief executives of Hong Kong and Macau , director of the Hong Kong and Macao Affairs Office , president of the All-China Federation of Industry and Commerce , and at least one chairperson of one of the eight legally-permitted political parties in China. News reports have suggested that

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726-462: The governor to fulfill his or her responsibility. The current governor is Pan Gongsheng . Deputy governors of the management team include: Zhu Hexin , Zhang Qingsong , Xuan Changneng , Lu Lei , and Tao Ling . The PBC does not have central bank independence and is required to implement the policies of the Chinese Communist Party (CCP). It operates under the direction of the CCP's Central Financial Commission . The CCP committee secretary of

759-500: The late 1980s and early 1990s. In 1990, the PBC moved into its new head office building, prominently located on West Chang'an Avenue . In 1991, vice governor Chen Yuan spearheaded the creation of the Electronic Interbank System (EIS), the PBC's first state-of-the-art financial market infrastructure . In 1992, however, the PBC had to reluctantly concede the spinning off of its securities regulatory duties to

792-641: The leader of the China Council for the Promotion of Peaceful National Reunification (CCPPNR), a united front organization. Multiple terms in office, consecutive or otherwise, are listed and counted in the first column counts individuals and the second column ( term number ). Vice Chairperson of the Chinese People%27s Political Consultative Conference The vice chairpersons of

825-405: The newly established China Securities Regulatory Commission , whose first chair was former PBC vice governor Liu Hongru . The bank's profile was greatly raised by the appointment of Zhu Rongji as its Governor in 1993, simultaneously as his role as Vice Premier in charge of economic and financial affairs. . Its central bank status was legally confirmed on March 18, 1995, by the 3rd Plenum of

858-598: The overall financial stability and provision of financial services. That year, the long overdue restructuring of China's banking sector made major progress with the creation of Central Huijin Investment , a PBC-managed fund that allowed the PBC to take the lead from the Ministry of Finance on the restructuring process and from the CCP Central Organization Department on the appointment of senior bank executives. That same year, however,

891-479: The position of CPPCC Vice Chairperson, as a state-level post with a retirement age of 70, has been used as a device to extend the services of valued officials beyond the typical retirement age for their position. The appointment of People's Bank of China Governor Zhou Xiaochuan as a vice chairperson in 2013 was said to be for this purpose. [REDACTED] People%27s Bank of China The People's Bank of China (officially PBC and unofficially PBOC )

924-488: Was also made autonomous (and later renamed China Construction Bank in 1986). In January 1984, the PBC's own commercial banking operations were spun off as the Industrial and Commercial Bank of China (ICBC). In September 1983, the State Council had promulgated that the PBC would function exclusively as the central bank of China and no longer undertake commercial banking activities. Modernization efforts continued in

957-498: Was also transferred from the PBC to the newly established National Financial Regulatory Administration (NFRA). Around 1,600 county-level branches of the PBC are planned to be absorbed to the NFRA; the PBC had 1,761 such branches at the end of 2021. The PBC is a cabinet -level executive department of the State Council . The top management of the PBC are composed of the governor and a certain number of deputy governors. The governor

990-575: Was downsized to no more than eighty staff. Local PBC branches were correspondingly merged into local government finance departments. The institutional demotion of the PBC was reversed in March 1978 as it was separated from the Finance Ministry and granted ministerial ranking. By then and with the exception of special allocations for rural development, the monolithic PBC dominated all business transactions and credit. In 1979, China initiated

1023-628: Was established on December 1, 1948, based on the consolidation of the Huabei Bank, the Beihai Bank and Northwestern Farmers' Bank. The headquarters was first located in Shijiazhuang , Hebei , and then moved to Beijing in 1949. Between 1950 and 1978 the PBC was the only bank in the People's Republic of China and was responsible for both central banking and commercial banking operations. All other banks within mainland China such as

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1056-422: Was extensively reformed during the 1990s, when its provincial and local branches were abolished, instead opening nine regional branches. In 2023, these reforms were reversed as when the regional branches were abolished and the provincial branches restored, and new arrangements essentially ended the PBC's longstanding role in financial supervision . The PBC is the 25th-ranked of 26 ministerial-level departments of

1089-519: Was reorganized as a subsidiary of the PBC, the Deposit Insurance Fund Management Company. Meanwhile, in 2017, the PBC was tasked with the secretariat of China's newly established Financial Stability and Development Committee chaired by Vice Premier Liu He . In 2020, the PBC initiated supervision of significant financial holding companies . The PBC underwent through another major restructuring in 2023, with

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