"The National Financial Regulatory Administration: China's New Financial Regulator"

2023-05-18 06:48:00

(Xinhua/Li Xin)

BEIJING, May 18 (Xinhua) — The National Financial Regulatory Administration was officially set up as China’s new financial regulator on Thursday, marking a milestone in the country’s financial supervision institutional reform.

The administration, placed directly under the authority of the State Council, is constituted on the basis of the China Banking and Insurance Supervisory Commission.

The new administration is responsible for regulating the financial industry, with the exception of the securities sector. She will take over some functions of the People’s Bank of China and the China Stock Exchange Regulatory Commission.

The creation of this new regulator should make it possible to strengthen and improve the country’s financial regulation, and to tackle certain major and long-standing problems in the financial sector.

The plan to set up this administration was adopted by the national legislative body in March. END