THE State institutions at the central level will downsize their staff by 5%, according to a plan on reforming State Council institutions made public yesterday.

The State Council will still consist of 26 departments besides its general office after the reform plan is implemented, according to the plan submitted to the ongoing annual session of the National People’s Congress for deliberation.

The Ministry of Science and Technology will be restructured to better allocate resources to overcome challenges in key and core technologies, and move faster toward greater self-reliance in science and technology, according to the plan.

The restructured ministry will play a bigger role in improving a new system for mobilizing the nation to make technological breakthroughs, optimizing sci-tech innovation, facilitating application of sci-tech advances, and coordinating science and technology with economic and social development.

Its macro management functions in science and technology-related strategic planning, institutional reforms, allocation of resources, comprehensive coordination, formulating policies and regulations, and supervision and inspection will also be strengthened.

Explaining the reform plan to national lawmakers, State Councilor Xiao Jie said that facing international sci-tech competition and external containment and suppression, China needs to further smooth its leadership and management system for science and technology-related work.

To that end, a central science and technology commission will be established to beef up the Party Central Committee’s centralized and unified leadership over science and technology-related work.

The restructured ministry will assume responsibilities as the working body of the new commission, Xiao said.

Meanwhile, a national financial regulatory administration will be set up, as per the plan.

Directly under the State Council, the proposed administration will be in charge of regulating the financial industry except the securities sector.

It will be established on the basis of the China Banking and Insurance Regulatory Commission, which will not be retained, the plan said, noting that certain functions of the People’s Bank of China (PBOC) and the China Securities Regulatory Commission will be transferred to the new administration.

The China Securities Regulatory Commission will become a government agency, rather than a public institution, directly under the State Council.

Reform of PBOC branches will be advanced, the plan said.

The country will also deepen the reform of its local financial regulatory mechanism. A local financial regulatory mechanism will be developed, with agencies dispatched by central financial regulators as the mainstay.

The functions of the Ministry of Agriculture and Rural Affairs will also be improved.

(Xinhua)