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FINANCE

Government Shuffles Supervisors for Local Financing Businesses

Customers browse a Beijing pawnshop on Oct. 18. Photo: VCG
Customers browse a Beijing pawnshop on Oct. 18. Photo: VCG

The Ministry of Commerce has transferred oversight over financial leasing companies, commercial factoring firms and pawnshops to the China Banking and Insurance Regulatory Commission (CBIRC).

The move is the latest measure to strengthen financial supervisory coordination and address regulatory shortcomings — goals stressed during the National Financial Work Conference last year. While the People’s Bank of China and the CBIRC will formulate unified supervisory policy and provide guidance on how to implement it, they will give local authorities the scope to decide how best to implement the policy.

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