China to merge regulators, create new ministries in biggest revamp in years

13 March 2018

Chinese State Councillor announced today that China will merge its banking and insurance regulators among a number of proposed changes in the biggest ministry shake-up in years. Speaking to delegates at the National People's Congress in the Great Hall of the People in Beijing, the councillor also said China will transfer some of the banking and insurance regulators' roles to the central bank. China's financial system has become increasingly tough to regulate due to its sheer breadth. It has grown rapidly in size and complexity, emerging as one of the world's largest with financial assets at nearly 470 percent of gross domestic product, according to the International Monetary Fund.