China’s State Council has unveiled plans to create a new national financial regulatory administration, overseeing all parts of the financial industry except for securities. The new regulator will absorb the existing China Banking and Insurance Regulatory Commission and take over some responsibilities from the People’s Bank of China and the China Securities Regulatory Commission. The move comes as Beijing aims to strengthen financial market oversight and improve coordination among regulators.
China’s top securities regulator, the China Securities Regulatory Commission, will become a government agency directly under the State Council rather than a public institution. The People’s Bank of China branches will undergo reform, and the regulatory mechanism for state-owned financial capital will be improved. Staff management of financial regulators will also be unified and standardized.
In addition to the financial regulatory changes, China plans to restructure its Ministry of Science and Technology. The ministry will play a bigger role in improving the nation’s ability to make technological breakthroughs and move toward greater self-reliance in science and technology. The restructured ministry will be responsible for mobilizing resources, optimizing sci-tech innovation, facilitating the application of advances, and coordinating science and technology with economic and social development.
The plan also includes the establishment of a national data bureau, to be administered by the National Development and Reform Commission, responsible for advancing the development of data-related fundamental institutions and coordinating the integration, sharing, development, and application of data resources. The elderly-care work mechanism will be improved to expand basic services to cover all senior citizens, and the management mechanism for intellectual property rights will be upgraded.
Finally, the National Public Complaints and Proposals Administration will become an institution directly under the State Council, and central-level state institutions will downsize their staff by 5%.
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