(Two Sessions Express) China intends to establish the State Financial Regulatory Administration and will no longer retain the Banking and Insurance Regulatory Commission

On the 7th, the institutional reform plan of the State Council submitted to the First Session of the 14th National People's Congress for deliberation revealed that China plans to establish the State Financial Regulatory Administration to be responsible for the supervision of the financial industry except the securities industry. Strengthen capital market regulatory responsibilities, assign it to the National Development and Reform Commission's corporate bond issuance review responsibilities, and the China Securities Regulatory Commission is responsible for corporate (enterprise) bond issuance review work.

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