Cover Story: China’s Financial Industry Regulators to Get Reshuffle of Responsibilities

China’s financial regulators, burdened by overlapping responsibilities, will consolidate and realign their roles with the creation of a new watchdog unit as part of a massive revamp of government agencies approved Friday at the annual meeting of the national congress.

The restructuring will establish the National Financial Regulatory Administration to replace the China Banking and Insurance Regulatory Commission, or CBIRC. The new regulator will assume all oversight of financial services except for the securities industry, which is to remain under the China Securities Regulatory Commission (CSRC). The new authority will also take over day-to-day supervision of financial holding companies from the Peoples Bank of China, or PBOC, the country’s central bank.