Friday, March 23, 2018

China’s insurance and banking regulators to merge

The Chinese government has revealed plans for the merger of its banking and insurance regulators.

The move is part of efforts to streamline and tighten oversight of the financial system in the world’s second-largest economy.

The China Banking Regulatory Commission and the China Insurance Regulatory Commission will be merged for the first time since 2003.

Apart from the merger, the Chinese government is also looking at delegating the banking and insurance regulators’ powers to the central bank.

China, to note, has been cracking down on leverage and risky market practices since the start of last year.

In fact, Chinese regulators have released a series of new rules that are meant to prevent regulatory loopholes that plague the financial sector.

Because of its sheer size and complexity, the financial system in China has become tougher to regulate.


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