China’s banking, insurance watchdogs likely to merge in massive financial regulatory overhaul

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Regulators likely to be consolidated as part of President Xi Jinping’s plans to reduce financial risk. China is considering plans to merge its banking and insurance watchdogs to bring more order to a fragmented regulatory system and to heed President Xi Jinping’s calls to reduce financial risk.

Sources with knowledge of the matter told the South China Morning Post that proposals were being considered to amalgamate the China Insurance Regulatory Commission (CIRC), which has been headless since its chairman was put under investigation for corruption in April, and the China Banking Regulatory Commission (CBRC), which is chaired by veteran financial official Guo Shuqing… Read more SCMP,