China Overhauls Financial Regulatory Regime to Control Risks
- New agency to take oversight of all sectors except securities
- Moves come amid broader government overhaul by President Xi
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China plans to strengthen oversight of its $60 trillion financial system by setting up an enlarged national regulator while taking some duties away from the central bank.
The new body will absorb its banking and insurance watchdog and oversee all financial sectors except the securities industry, according to a plan announced at the National People’s Congress Tuesday. It will take over functions including oversight of financial holding companies such as Ant Group Co. from the central bank.