China to launch new financial regulator in major supervisory overhaul

China will set up a national financial regulatory administration, according to a plan submitted Tuesday to the national legislature for deliberation, in the biggest overhaul of the country's financial supervisory apparatus in years.

The China Banking and Insurance Regulatory Commission (CBIRC), the country's banking and insurance watchdog, will be abolished, with its role falling under the new administration.

The proposed administration, directly under the State Council, will be established on the basis of the CBIRC, the plan said, noting that certain functions of the People's Bank of China (PBOC) and the China Securities Regulatory Commission (CSRC) will be transferred to the new administration.

China's financial sector is currently overseen by the PBOC, the CBIRC, and the CSRC, with the Financial Stability and Development Committee having overall purview.

(CGTN)