China to form state market regulatory administration

Erika Holt
March 15, 2018

The economy and the Communist Party have become ever more intertwined since the party congress last October when Xi cemented his grip on power.

He said the cabinet reshuffle deals with the institutional obstacles to help the market play a decisive role in resource allocation.

Details were released in a parliamentary document yesterday.

The banking and insurance regulators would become a single entity, the paper said.

"China's whole regulatory system will change directions, from sector oversight to oversight of specific financial activities", said Betty Wang an economist at ANZ Bank.

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China is merging its banking and insurance regulators and creating a slew of ministries as part of the biggest government shake-up in years. It's another move to streamline administration and curb financial risks.

The merger, along with the establishment of the Financial Stability and Development Committee previous year, underscores Beijing's attempts to exert tighter control over the country's financial institutions, which have been operating under the shadow of high levels of debt at corporations and local governments.

Chinese President Xi Jinping's allies are expected to get top appointments, including the chair of the National People's Congress, or Parliament, and National Supervisory Commission.

"The government is taking steps in the right direction for reining financial risks and debt deleveraging", Tao Dong, vice chairman for Greater China at Credit Suisse Private Banking in Hong Kong, told Bloomberg.

Meanwhile, the administration of immigration affairs, the agency of worldwide development cooperation, the banking and insurance regulatory commission, and the national market supervision administration, are among the newly established administrations affiliated to the State Council, according to the draft plan.

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