The second plenary session of the 20th Communist Party of China (CPC) Central Committee has passed a significant plan to reshuffle party and national institutions. Several changes will impact the healthcare industry and other key sectors, reflecting a strategic reorganization aimed at enhancing governance and efficiency.
Healthcare Sector Changes
- The Ministry of Science and Technology will undergo reorganization, with the China National Center for Biotechnology Development being transferred to the National Health Commission (NHC). This move is expected to streamline biotechnology development efforts within the healthcare framework.
- The intellectual property (IP) rights management system will be improved. The China National Intellectual Property Administration (CNIPA) will elevate to an institution directly reporting to the State Council with national bureau status, Get rid of the oversight of the State Administration for Market Regulation (SAMR). SAMR will continue to handle law enforcement related to trademarks, patents, and other IP areas, guided by CNIPA.
- The elderly employment system will be enhanced. The NHC will take the lead in organizing, formulating, and coordinating policies to address population aging, with the National Working Commission on Aging now overseen by the Ministry of Civil Affairs.
Financial Sector Changes
- The China Securities Regulatory Commission (CSRC) will become an institution directly under the State Council. It will take on new responsibilities for the review of corporate bond issuance, a task previously managed by the National Development and Reform Commission.
- A national financial regulatory administration bureau will be established, based on the China Banking and Insurance Regulatory Commission (CBIRC), which will be dissolved. The new bureau will report directly to the State Council and will handle the daily supervision of financial holding companies and other financial groups, responsibilities previously held by the People’s Bank of China, as well as investor protection duties, formerly managed by the CSRC.-Fineline Info & Tech
