China to overhaul financial regulatory system
Proposed changes reduce the PBoC’s role in financial oversight
China has proposed a raft of changes to its financial regulatory system, including replacing its existing banking regulator with a new financial regulator with expanded powers.
The Chinese government submitted the draft plan to its ongoing annual parliamentary meeting, which ends on March 13. The National People’s Congress is set to vote on the draft on March 10.
If approved, China will set up a National Financial Regulatory Administration and abolish the China Banking and Insurance Regulatory
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