China to Merge Banking, Insurance Regulators: Document

China to Merge Banking, Insurance Regulators: Document

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

China on Tuesday unveiled a massive cabinet reshuffle plan to make the government better-structured, more efficient and service-oriented.

China will also transfer some of the banking and insurance regulators' roles to the central bank, the document showed.

The ministry shake-up also includes the creation of a new immigration management bureau and the restructuring of the national intellectual property rights bureau.

Wang said the reform, focusing on institutional restructuring in key areas, will strengthen the government's functions on economic management, market supervision, social management, public service and ecological and environmental protection.

The sweeping changes were presented to the National People's Congress two days after President Xi Jinping tightened his grip on power with the legislature's approval of constitutional amendments abolishing presidential term limits and expanding the authority of the Communist Party over the country's affairs.

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The proposed changes outlined in the document will be discussed in parliament on Tuesday, and are expected to be formally approved by the largely rubber-stamp parliament on Saturday.

The current National Health and Family Planning Commission and a leading group overseeing medical and healthcare reform under the State Council will no longer exist after the reshuffle.

China plans to merge its banking and insurance regulators, according to an official document viewed by Caixin.

"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.

Such regulatory arbitrage and risky cross-asset investments have anxious policymakers.

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