China plans new competition regulator in government revamp

China Creates Super Regulator for $43 Trillion Finance Industry

China's central bank will take over the functions of drafting important laws and regulations for the banking and insurance industries, which are now assumed by CIRC and CBRC.

China announced plans to merge regulators responsible for $43 trillion of financial assets, creating a new body with enhanced oversight of its banking and insurance industries.

Since the beginning of a year ago, Beijing has cracked down on leverage and risky market practices, with China's financial regulators releasing a flurry of new rules in an attempt to rein in risks.

China on Tuesday unveiled a massive cabinet reshuffle plan to make the government better-structured, more efficient and service-oriented.

On Sunday, the parliament voted to amend the constitution to remove presidential term limits, opening the way for President Xi Jinping to rule indefinitely.

The government will create seven new ministries: natural resources; ecological environment; emergency management; agriculture and rural affairs; culture and tourism; veterans affairs; and the National Health Commission.

"Finance is core to a modern economy and we must pay high attention to prevent financial risks and safeguard national financial security", the proposal said, adding that it is meant to fix any overlaps in regulatory oversight.

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The proposed changes put forth in the document are expected to be approved by the National People's Congress legislature, which ends its session next Tuesday.

There will be 26 ministries and commissions of the State Council after the reshuffle.

The sweeping changes include the merger of China's banking and insurance regulators and the setting up of a special bureau to oversee immigration issues, the Hong Kong based South China Morning Post reported.

There will be new administrations under the state council or the central cabinet, such as an worldwide development cooperation agency and a state immigration administration.

China's financial system has become increasingly tough to regulate due to its sheer breadth.

Many brokerages also structure wealth management products as a channel for hidden bank lending, in addition to the more traditional business of facilitating share trades and investment banking services.

China announced the creation of a new Financial Stability and Development Committee in July, and since then watchdogs overseeing banks, insurers and the stock market have intensified efforts to clamp down on shadow financing and other perceived risks.

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