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China to have integrated regulatory body

China has merged its regulatory commissions of banking and insurance into a new entity called the China Banking and Insurance Regulatory Commission. Earlier, the China Banking Regulatory Commission, the China Insurance Regulatory Commission, together with China Securities Regulatory Commission and the People’s Bank of China, formed a team of top regulators, which oversaw the financial segment in the country. It was felt that the current supervision of sub-industry cannot fully adapt to the emerging reality of the financial sector’s integrated operations, and hence the integrated supervisory model, which is expected to help to adapt to the trend of comprehensive operations.

Guo Shuqing, director of CBRC, will serve as the chairman of the new commission.

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