Beijing, Mar 10 (EFE).- China’s legislature approved a new plan to reform the institutions of its State Council, the cabinet, before handing Xi Jinping a third term as Chinese president at a meeting on Friday, state-run news agency Xinhua reported.
Among the main changes, which were presented on Tuesday during the meetings of the Chinese People’s Political Consultative Conference (CPPCC) and the National People’s Congress (legislature), is the creation of a new national regulatory agency for the financial sector.
The reform also proposes a 5 percent cut in staff of the state institutions at the central level although the State Council will continue to consist of 26 ministries.
China will restructure its ministry of science and technology to better allocate resources to overcome challenges in key and core technologies.
The plan approved by the legislature, which seldom opposes the measures presented, will establish a new national data bureau in order to boost the digital economy and facilitate data-handling to help address the inefficiencies arising from decentralized management between agencies and ministries.
The 2,952-member NPC also unanimously elected Xi Jinping as the country’s president for an unprecedented third term.
At the plenary session, held in the Great Hall of the People, located in Tiananmen Square, the lawmakers also approved the appointment of Han Zheng as the country’s vice president and Zhao Leji as chairman of the 14th National People’s Congress Standing Committee.
Xi was also elected the chairman of the powerful Central Military Commission, a position equivalent to being the head of the armed forces.
In October last year, Xi was re-elected as general secretary of the Communist Party of China for a record third term.
With this, Xi consolidates his control over the three branches of power, including the state, the party and the army. EFE