The CFC was established in 2023 under CCP general secretary Xi Jinping after wide-ranging reforms to change the party and state structures, together with the Central Financial Work Commission.

[1][2] According to Chinese state media, the new body would strengthen the CCP's "centralized and unified leadership over financial work".

The CFC Office has drawn personnel from other financial institutions such as the People’s Bank of China, the Ministry of Finance, and the National Development and Reform Commission.

[6] The CFC's role is to broadly oversee the country's financial system, enhancing CCP control over the sector.

[5] It oversees financial stability, funding for the real economy and the international use of the renminbi.