China to Merge Banking, Insurance Regulators
China’s banking and insurance regulators will merge and the central bank will be authorized to draft rules governing the two industries, the government announced on Tuesday.
The China Banking Regulatory Commission (CBRC) and the China Insurance Regulatory Commission (CIRC) will be combined into a single commission overseeing both sectors under the direct control of the State Council, China’s cabinet, according to an official document submitted for review by the National People’s Congress, the top legislature.
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