China Merges Banking, Insurance Regulators

China Merges Banking, Insurance Regulators

China will merge its banking and insurance regulators and transfer some of their roles to the country's central bank People Bank of China (PBOC), according to a parliament document released today during the annual session of the National People's Congress.

On Sunday, the parliament voted to amend the constitution to remove presidential term limits, opening the way for President Xi Jinping to rule indefinitely.

Functions such as drafting key regulations and prudential oversight will be transferred to the PBOC, according to the document.

The new regulator will be capable of "holding the bottom line to prevent systematic financial risk", the parliament document says.

Among the new entities were the ministry of natural resources, ministry of veterans affairs and ministry of emergency management.

"Deepening the reform of the party and state institutions is an inevitable requirement for strengthening the long-term governance of the party", Liu said in the commentary in the official People's Daily.


There will be 26 ministries and commissions of the State Council after the reshuffle, the report said.

The draft also includes a new immigration bureau and changes to the tax system.

China will form a powerful new competition regulator in a bid to ramp up oversight of mergers and acquisitions and price-fixing as the world's second-largest economy seeks to make policymaking more efficient and coordinated.

China's financial system has become increasingly tough to regulate due to its sheer breadth.

China unveiled plans on Tuesday for the biggest shakeup of government in at least a decade, including the merger of its banking and insurance regulators to better handle financial risks as leaders look to address concerns over a growing debt pile. It has grown rapidly in size and complexity, emerging as one of the world's largest with financial assets at almost 470 percent of gross domestic product, according to the International Monetary Fund.

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