Chinese Government Puts a New Leash on its Financial Sector

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"To get rich is glorious," Deng Xiaoping proclaimed as China embarked on its path to hypercapitalism a generation ago. Under President Xi Jinping, it's less glorious than dangerous.

Beijing plans to establish a Central Financial Commission, which will act as a watchdog, decision-maker, and regulator for the country's $61 trillion financial sector, the Financial Times reported. Keep in mind: China already has a state securities regulatory commission.

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Source Fool.com