Its operations were supervised by Executive Deputy Secretary Yan Haiwang, and it regularly reported directly to its head, CFCW Secretary Wen Jiabao, who concurrently served as a member of the Politburo and as vice-premier in charge of work on finance.
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The Central Financial Work Commission (CFWC, Zhongyang jinrong gongzuo weiyuanhui (traditional 中央金融工作委員會) (simplified 中央金融工作委员会)) was created in 1998 to supervise the Chinese financial system on behalf of the Chinese Communist Party (CCP) and to prevent deviations on the part of CCP-appointed managers.
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