BEIJING -- China will combine its banking and insurance regulators and transfer high-level regulatory powers to the country's central bank, aiming to stamp out cozy ties between the insurance industry and regulators and also step up oversight of complex new financial products.
The National People's Congress on Tuesday approved a sweeping administrative overhaul that includes merging the China Insurance Regulatory Commission with the China Banking Regulatory Commission. The combined entity will regulate both industries, though the third arm of China's financial regulatory apparatus, the China Securities Regulatory Commission, will remain separate for the time being.
