Saturday, 17 November, 2018

China to Merge Banking and Insurance Regulators, Document Shows

Bloomberg’s Tom Mackenzie reports on China’s plans to merge regulators responsible for $43 trillion of assets Bloomberg’s Tom Mackenzie reports on China’s plans to merge regulators responsible for $43 trillion of assets
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.

Bears sign Trey Burton
That should mean good fantasy things for Burton, but he might have to compete with 2017 second-rounder Adam Shaheen for targets. According to Ian Rapoport and Mike Garafolo of NFL Network, Burton has signed a four-year deal with the Bears.

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.

SBI reduces charges for non-maintenance of average minimum balance
Prior, metro and urban clients were charged Rs 40 to Rs 100 rupees for not keeping up the minimum balance. This means that the SBI has reduced the penalty for the balance sheet in the savings account.

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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