China to form new banking, insurance regulation commission

Updated 2018-03-13 14:45:00

China will merge the China Banking Regulatory Commission and the China Insurance Regulatory Commission, forming a new organization to better regulate the country's banking and insurance sectors, according to a draft plan for State institutional reform released Tuesday.[Special coverage]

Directly led by the State Council, China's cabinet, the new commission is supposed to oversee the banking and insurance industries, ensuring legitimate and stable development of the two sectors and preventing systemic financial risks.

It is also expected to better protect the legal rights of financial consumers, according to the draft plan submitted to the first session of the 13th National People's Congress.

Functions and duties, including drafting key regulations and prudential supervision on the basic (financial) system will belong to People's Bank of China, the central bank, according to the plan.

The reform is designed to solve existing problems such as duty overlapping and loopholes in regulatory functions, and to further clarify responsibilities between different supervisors, the draft plan read.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58October 22 2018 03:02:08

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16October 22 2018 03:02:08

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18October 22 2018 03:02:08

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords