Saturday, 22 September, 2018

China to Merge Banking and Insurance Regulators, Document Shows

China Central Bank Gains More Power The China Banking Regulatory Commission and the China Insurance Regulatory Commission will be merged in the biggest industry overhaul since 2003
Patty Aguilar | 13 March, 2018, 20:26

"It focuses on the needs of development and meets the people's expectations", Wang said, adding that the restructuring forms part of a broader plan by the Communist Party of China to deepen the reform of the Party and state institutions.

The two merged regulators will hand off duties such as proposing laws to the People's Bank of China in a sign that the central bank is beefing up its regulatory role.

China will set up a veterans affairs administration, according to a government reshuffle plan presented to parliament on Tuesday, to better look after former soldiers who have in recent years occasionally protested about poor treatment.

China is also establishing a national market supervisory management bureau to ensure a "fair competition market environment".

The securities and state assets regulators were not mentioned among the proposed changes.

The current National Health and Family Planning Commission and a leading group overseeing medical and healthcare reform under the State Council will no longer exist after the reshuffle.

(NYSE:RAD) Short Interest Down 8.8% in January
Rite Aid Corp (NYSE: RAD)'s price sits -18.48% off from its SMA 50 of $2.06 and -24.63% away from the SMA 200 which is at $2.01. As per Friday, September 29, the company rating was maintained by Loop Capital. 0 analysts gave its stock an Outperform rating.

National Football League free agency: Star Lotulelei will sign with Buffalo Bills
Lotulelei will now provide an anchor for the next few years for a defense being remade in general manager Brandon Beane's image. Lotulelei is considered a good run stopper but has been overshadowed by Kawann Short in terms of playmaking ability.

Spring Statement: Chancellor presents latest growth and borrowing forecasts
Hammond's comment that "we [the Conservatives] are the party of small businesses" and of entrepreneurs is a case in point. The chancellor has hinted that he will increase spending on public services when he delivers his budget in the autumn.

The long-awaited move to streamline and tighten oversight of the $42-trillion (€34-trillion) banking and insurance sectors comes as authorities seek more clout to crack down on riskier lending practices and reduce high corporate debt levels.

The new merged entity will directly report to the State Council, or cabinet.

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

Companies registered as banks or insurers have also started dabbling in other areas of finance with many offering complex hybrid products and making non-traditional investments.

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

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