China Revamps Bureaucracy to Boost Self-Reliance With Eye on US

President Xi Jinping overhauled China’s bureaucracy as part of a sweeping push to make the economy more self-sufficient and resilient in the face of US efforts to prevent Beijing from obtaining advanced technology.

The plan released Tuesday strengthened oversight of its $60 trillion financial system, created a new agency to manage data and restructured the Ministry of Science and Technology. The objective is to “better allocate resources to overcome challenges in key and core technologies, and move faster toward greater self-reliance in science and technology,” the official Xinhua News Agency said.

WATCH: Chinese President Xi Jinping is rallying the private sector to innovate more as the nation grapples with what he calls “comprehensive containment and suppression by western countries.”

Source: Bloomberg

China will also cut the number of ...