China Plans to Create Vast New Financial Regulator

China plans to create a national financial regulatory body that oversees all parts of the financial industry other than securities, absorbing the China Banking and Insurance Regulatory Commission in the process, the State Council said Tuesday.

The new regulator, which has yet to be officially named, will take over the responsibilities for financial consumer protection and day-to-day supervision of financial holding companies from the People’s Bank of China (PBOC), as well as investor protection from the China Securities Regulatory Commission (CSRC), according to a proposal offered at this year’s annual meeting of the National People’s Congress, the country’s top legislature.