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China taking cautious attitude to super-regulator

China taking cautious attitude to super-regulator

(14 March 2013 – China) While the Chinese Government has so far refrained from reforming its current financial regulatory bodies in its latest institutional reform package, the debate to create a financial super-regulator is still ongoing. The proposed super-regulator would oversee the banking, securities and insurance sectors.

Wang Feng, Deputy Director of the State Commission Office for Public Sector Reform said the issue is quite complicated.

He said policymakers noticed that a financial regulator with mixed operations is a trend in other countries compared with a single regulator supervising the banking, securities and insurance sectors.

China currently has the China Banking Regulatory Commission (CBRC) to oversee the banking sector, the China Securities Regulatory Commission (CSRC) to supervise the equity markets and the China Insurance Regulatory Commission (CIRC) to regulate the insurance sector.

'Should we change the existing method of regulation? We don't know. Is it the time now? We don't know,' Wang said, 'So let's take a cautious attitude and have a look first.'
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