BEIJING (REUTERS) – China said it will merge its banking and insurance regulators and create a new agricultural and rural village ministry, a parliament document released on Tuesday (March 13) showed, among a number of proposed changes in the biggest ministry shake-up in years..
BEIJING (REUTERS) – China said it will merge its banking and insurance regulators and create a new agricultural and rural village ministry, a parliament document released on Tuesday (March 13) showed, among a number of proposed changes in the biggest ministry shake-up in years.
China will also transfer some of the banking and insurance regulators’ roles to the central bank, the document showed, in a long-awaited move to streamline and tighten oversight of the financial system in the world’s second-biggest economy.
Since the beginning of last year, Beijing has cracked down on leverage and risky market practices, with China’s financial regulators releasing a flurry of new rules in an attempt to rein in risks.
China is restructuring the responsibilities, roles and powers of its state institutions to make them more efficient. President Xi Jinping’s top economic adviser, Liu He, said that such reform would be profound.
On Sunday, China removed presidential term limits from its constitution, giving Xi the right to remain in office indefinitely, and confirming his status as the country’s most powerful leader since Mao Zedong died more than 40 years ago.
“Deepening the reform of the party and state institutions is an inevitable requirement for strengthening the long-term governance of the party,” Liu said in the commentary in the official People’s Daily.
