China to set up enlarged financial regulatory authority
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CHINA is setting up an enlarged national financial regulatory authority, in a move to strengthen the Communist Party’s leadership in its US$60 trillion financial system and keep risks in check.
The new regulator will absorb its banking and insurance watchdog and oversee all financial sectors except the securities industry, it was announced at the National People’s Congress Tuesday (Mar 7).
It will also take over functions such as investor protection and oversight of financial holding companies from the central bank, as well as the nation’s securities regulator.
The China Banking and Insurance Regulatory Commission will cease to exist after the overhaul; the China Securities Regulatory Commission will become a government agency directly under the State Council, according to the plan. BLOOMBERG
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