Beijing proposes new financial regulatory body

Part of the duty of the People’s Bank of China, the country’s central bank, is proposed to be transferred to the new administration. — Bloomberg

BEIJING: China seeks to set up a new national financial regulatory administration that will shoulder the responsibility of supervision over the financial sector minus the securities sector, say a reform plan submitted to the National People’s Congress (NPC) for deliberation.

Experts said the new administration, if established, would mark a significant step in modernising China’s financial regulatory system, help lift supervision efficiency and defuse financial risks.