China said it will merge its banking and insurance regulators and create a new agricultural and rural village ministry, a parliament document released on Tuesday showed, among a number of proposed changes in the biggest ministry shake-up in years. Since the beginning of last 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. China is restructuring the responsibilities, roles and powers of its state institutions to make them more efficient. China has also proposed forming a national markets supervision management bureau, which will take on broad responsibilities including antitrust and product safety. New Finance RegulatorThe merger of the China Banking Regulatory Commission (CBRC) and the China Insurance Regulatory Commission (CIRC) is aimed at resolving existing regulatory problems such as unclear responsibilities and cross-regulation, according to the document.
Source: Hindustan Times March 13, 2018 03:45 UTC