Tuesday, 23 October, 2018


China to Merge Banking and Insurance Regulators, Document Shows

Bloomberg’s Tom Mackenzie reports on China’s plans to merge regulators responsible for $43 trillion of assets Bloomberg’s Tom Mackenzie reports on China’s plans to merge regulators responsible for $43 trillion of assets
Bennie Garza | 13 March, 2018, 20:13

China's central bank will take over the functions of drafting important laws and regulations for the banking and insurance industries, which are now assumed by CIRC and CBRC.

Divided between China Banking Regulatory Commission (CBRC) and the China Insurance Regulatory Commission (CIRC), regulators now oversee different parts of China's complex financial sector, and no single regulator has a complete picture of capital movements in the system.

China on Tuesday unveiled a massive cabinet reshuffle plan to make the government better-structured, more efficient and service-oriented.

The sweeping changes were presented to the National People's Congress two days after President Xi Jinping tightened his grip on power with the legislature's approval of constitutional amendments abolishing presidential term limits and expanding the authority of the Communist Party over the country's affairs.

Since the beginning of past year, Beijing has cracked down on leverage and risky market practices, with China's financial regulators releasing a flurry of new rules in an attempt to rein in risks.

The ministry shake-up also includes the creation of a new immigration management bureau and the restructuring of the national intellectual property rights bureau.

China is also establishing a national market supervisory management bureau to ensure a "fair competition market environment". Once this happens, the Cabinet will consist of 26 Ministries and Committees.

The long-awaited measures to tighten the control over the banking and insurance sector of the country, which has a total value of 42 trillion Dollars, comes amid the authorities' attempts to curb risky credit practices and reduce high corporate indebtedness.

Financial regulators have cracked down on major companies - even taking over Anbang Insurance this year - to get a handle on building risk and unwieldy debt that some analysts worry pose a serious threat to China's financial stability.

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