China to set up new financial regulator with 'penetrating' and 'continuous' powers

The China Banking and Insurance Regulatory Commission is to be replaced by a new financial regulator directly under control by the Government's State Council as part of a raft of big changes to the country's supervision of the industry. The widely reported plans were announced on 7 March for the new national regulator, as yet unnamed. China's financial sector is currently overseen by the People's Bank of China, the CBIRC, and the China Securities Regulatory Commission (CSRC), while the cabinet's Financial Stability and Development Committee has an overarching role. Certain function...