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China Plans to Create Vast New Financial Regulator
Published on: 2023-03-08
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China plans to create a national financial regulatory body that oversees all parts of the financial industry other than securities, absorbing the China Banking and Insurance Regulatory Commission in the process, the State Council said Tuesday.

The new regulator, which has yet to be officially named, will take over the responsibilities for financial consumer protection and day-to-day supervision of financial holding companies from the People’s Bank of China (PBOC), as well as investor protection from the China Securities Regulatory Commission (CSRC), according to a proposal offered at this year’s annual meeting of the National People’s Congress, the country’s top legislature.

As part of a proposed overhaul of the State Council, the move comes as Beijing has vowed to strengthen oversight on financial markets and improve coordination among regulators.

中国组建新金融监管机构

中国将在全面改革中设立新的金融监管机构中国将组建一个新的国家金融监管机构,以整合有关监管职责并取代(现有的)银行和证券监管机构,这是中国本周二宣布的提请全国人大会议审议的更广泛国务院机构改革方案的一部分。

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