Head
Top News
Over 1,000 suppliers expected at Intertextile Shanghai
Over 1,000 suppliers expected at Intertextile Shanghai
Ghana makes tax stamp compulsory on imported textiles
Ghana makes tax stamp compulsory on imported textiles
China to set up industrial base for QR code development
China to set up industrial base for QR code development
China Everbright Bank seeks approval for investment operations in S. Korea
China Everbright Bank seeks approval for investment operations in S. Korea
Economy becomes the top issue that determines the vote in Turkey
Economy becomes the top issue that determines the vote in Turkey
Institutional overhaul to merge banking and insurance regulators
2018.03.14

 

A sweeping overhaul of government ministries, including streamlining of market supervision and financial regulatory functions, has been sent for approval  to the National People's Congress Tuesday.

China’s banking and insurance regulators will merge to form the China Banking and Insurance Regulatory Commission, while a new national market supervision administration will be established, in a bid to boost efficiency, reduce overlap and cover existing blind spots.

Creating a new body to integrate the roles of the banking and insurance regulators is aimed at preventing financial risk and seeks to better divide roles and duties, plugging in regulatory gaps and responsibility overlap between the two watchdogs. Expected to better allocate resources, the new institution will play a key role in China's fight against systemic financial risk.

The long-anticipated consolidation of the China Banking Regulatory Commission (CBRC) and its insurance sector counter-part, the CIRC, will end a 15-year phase in which four financial regulatory pillars, including the two bodies, the central bank and the securities regulator, imposed supervision over the financial sector.

Functions of the State Administration for Industry and Commerce, General Administration of Quality Supervision, Inspection and Quarantine and China Food and Drug Administration will be combined to form a national market supervision administration to oversee consumer safety, market order and antimonopoly, according to the draft.(FROM CGTN)

Footer2017
CTEI.CN
Official website of CNTAC
Core of China National Textile & Apparel Council (CNTAC)
CTEI.CN is official website of China National Textile & Apparel Council. Commissioned by CNTAC, CNTEX is the operator of CTEI.CN.
CNTEX
Leading provider of Marketing services in Chinese Textile and Apparel Industry
Resource and Information center of Chinese Textile and Apparel Industry
Providing overall marketing plans for international enterprises entering Chinese Textile and Apparel Market.