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China to Merge Banking, Insurance Regulators

China’s central government plans to combine the China Banking Regulatory Commission with the country’s insurance regulator. Photo: VCG
China’s central government plans to combine the China Banking Regulatory Commission with the country’s insurance regulator. Photo: VCG

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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