Global News

China to tighten banking and insurance control

China to tighten banking and insurance control

Functions such as drafting key regulations and prudential oversight will be transferred to the PBOC, according to the document.

Divided between China Banking Regulatory Commission (CBRC) and the China Insurance Regulatory Commission (CIRC), regulators now oversee different parts of China's complex financial sector, and no single regulator has a complete picture of capital movements in the system.

The massive reshuffle plan of various ministries is aimed at making the government better-structured, more efficient, and service-oriented.

Xi, 64, is set to continue for a life term as the NPC approved the removal of the two-term limit for the president and the vice president.

The new regulator will be capable of "holding the bottom line to prevent systematic financial risk", the parliament document says.

Liu He, President Xi Jinping's top economic adviser, is overseeing that battle on financial risk and praised the reforms as "revolutionary" in an editorial published in Communist party mouthpiece the People's Daily on Tuesday.

"China's whole regulatory system will change directions, from sector oversight to oversight of specific financial activities", said Betty Wang an economist at ANZ Bank.




Among the new entities are a ministry of natural resources, a ministry of veterans' affairs and a ministry of emergency management.

There will also be new administrations, such as an global development cooperation agency, a state immigration administration, and a banking and insurance regulatory commission.

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

The ministry shake-up also includes the creation of a new immigration management bureau and the restructuring of the national intellectual property rights bureau.

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

Such regulatory arbitrage and risky cross-asset investments have anxious policymakers.


  • University staff reject union deal on pensions

    University staff reject union deal on pensions

    The newspaper said the interim arrangement would come into effect from April next year if the parties agree to it. University staff opposed to the deal announced on Monday evening have pushed for a more "decisive victory".
    Ben Affleck, Matt Damon to adopt inclusion riders for future production deals

    Ben Affleck, Matt Damon to adopt inclusion riders for future production deals

    Jordan attends the European Premiere of " Black Panther " at Eventim Apollo on February 8, 2018 in London. An inclusion rider is meant to improve gender and racial diversity within films.
    Price, launch offer, specifications, etc

    Price, launch offer, specifications, etc

    The new Mi TV 4A series will be targeted towards lower segment and is also "more accessible", according to the Chinese company. Xiaomi's recently launched three Mi TVs - 55-inch Mi TV 4 , Mi TV 4A 32-inch and 43-inch are set to go on sale in India today.
  • $4000 3D Printed Homes for Those Who Lack Shelter

    $4000 3D Printed Homes for Those Who Lack Shelter

    ICON is focused on creating homes in parts of the world that don't have the economic wherewithal to house the poverty-stricken. Further into the future, the team aims to raise funding and build its 3D-printed homes in El Salvador in the next 18 months.
    UN cites Facebook role in Myanmar crisis

    UN cites Facebook role in Myanmar crisis

    Zaw Htay said Myanmar had barred the Fact-Finding Mission because it rejected its legitimacy. At the end of February, Facebook removed the page of Myanmar monk Wirathu .
    Chancellor Philip Hammond to unveil spring statement

    Chancellor Philip Hammond to unveil spring statement

    Forecasts for growth are expected to be revised up , while borrowing forecasts are expected to be revised down. Hammond said the education secretary will release up to £80m to help small firms take on apprentices.
  • Singtel concludes Rs 2649 crore investment in Bharti Telecom

    Singtel concludes Rs 2649 crore investment in Bharti Telecom

    Post the news, shares of Bharti Airtel rose almost 5 per cent and its stock jumped 4.68 per cent to end at Rs 420.75 on BSE. Airtel will now approach shareholders for final approval of the propose raising of debt.
    HBO Is Going Big With The 'Game Of Thrones' Prequels

    HBO Is Going Big With The 'Game Of Thrones' Prequels

    To hear him tell it, many creators prefer HBO's model, because they know their work is going to get more attention. Bloys said Netflix's volume demands explained the company's recent mega-deals with Ryan Murphy and Shonda Rhimes.
    Ride-hailing app Grab expands into lending

    Ride-hailing app Grab expands into lending

    This partnership will leverage Grab's datasets to provide reliable alternatives to traditional credit ratings, the company said . Grab will also offer insurance policies to its 2.6 million drivers via partnership with USA -based insurer Chubb Ltd .
  • Lok Sabha deadlock continues as TRS seeks justice

    Lok Sabha deadlock continues as TRS seeks justice

    However, the members in the Well, including those from TDP and AIADMK, continued to raise slogans and displaying placards. After both the houses were adjourned early on the day, Congress hit back at BJP.
    Longtime Trump aide fired over security clearance issue

    Longtime Trump aide fired over security clearance issue

    The Trump campaign also announced on Tuesday that McEntee would rejoin the team as a senior advisor for operations. McEntee escorted from the White House on Monday, three sources with knowledge of the matter told CNN .
    Jaguars To Land Andrew Norwell On Five-Year, $66.5M Deal

    Jaguars To Land Andrew Norwell On Five-Year, $66.5M Deal

    Former New England Patriots offensive tackle Nate Solder could be an option to anchor the line and start opposite Ereck Flowers. As Stapleton points out, Norwell joined the Panthers in 2014 as an undrafted free agent.