China has set up a new cabinet office to co-ordinate financial and economic policy, a tacit admission that its ad hoc and disjointed policymaking is failing.
China’s market regulator and central bank have come under intense criticism for their fumbled handling of this year’s meltdown on the stock market that reverberated around the globe. Government agencies further incensed investors globally by sending conflicting signals over management of the renminbi.
The new office under China’s State Council is to be headed by a former deputy governor of the Agricultural Bank of China, Caixin, an influential Chinese financial magazine, reported yesterday.
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