Sunday, 20 May, 2018

China to Merge Banking and Insurance Regulators, Document Shows

China to merge banking insurance regulators in massive overhaul China to merge banking insurance regulators in massive overhaul
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.

Bus carrying high school students crashes into ravine
Sacred Heart Hospital in Pensacola confirmed on its website that it had received 18 patients from the bus wreck on Tuesday. Rescuers had to repel down into the ravine to reach the bus, and some passengers were evacuated using ropes, Mack said.

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.

Brazil has new faces for matches against Germany and Russian Federation
Brazil will be away to World Cup hosts Russian Federation on March 23 and world champions Germany four days later. Neymar has undergone successful surgery on his broken foot and is now recovering in Brazil.

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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