China to tighten banking and insurance control

China to merge regulators create new ministries in biggest overhaul in years

China is set to create new ministries and merge the banking and insurance regulators in the biggest revamp of its cabinet in years, the parliament said Tuesday.

Established in 1998, CIRC conducts administration, supervision and regulatory functions over the Chinese insurance market.

Functions such as drafting key regulations and prudential oversight will be transferred to the PBOC, according to the document.

China Earthquake Administration and State Administration of Coal Mine Safety will be affiliated to the new ministry, while the State Administration of Work Safety will be dismantled.

At the top of the list is the government's plan to combine the insurance and banking regulators into one agency, according to the proposal introduced at the annual session of the rubber-stamp parliament.

Financial regulators have cracked down on major companies - even taking over Anbang Insurance this year - to get a handle on building risk and unwieldy debt that some analysts worry pose a serious threat to China's financial stability.

"China's whole regulatory system will change directions, from sector oversight to oversight of specific financial activities", said Betty Wang an economist at ANZ Bank.

The securities regulator - the China Securities Regulatory Commission (CSRC) - will remain a separate entity. "You don't want your monetary authority obsessed with supporting equity markets, because that can lead to bad macro policy", said Andrew Polk, a co-founding partner at research firm Trivium/China.

Met issues depression warning off Kerala coast, fishermen warned
The BJP had also accused the LDF government of failure to protect its fishermen "despite early warning" about the cyclone. The government has directed the Coastal taluk control rooms to function 24*7 till March 15.

Chinese authorities are preparing one of the country's largest government and institutional reforms, targeting mostly the financial sector.

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

The commentary suggested the party will have greater influence and say in the government, or the State Council, which is headed by Premier Li Keqiang, some analysts say.

Several new ministries will be created, including a more encompassing Ministry of Agriculture and Rural Areas as well as ministries for emergency management, ecology and environment, and veteran affairs.

"Everyone seems to regard these departments as their own interests - giving up a piece of yourself is very heart-wrenching but it's a pleasure to take a piece of someone else", said an official at a ministry, declining to be named due to the sensitivity of the matter.

The proposed changes were discussed earlier in parliament Tuesday and are expected to be formally adopted on Wednesday.

When the plan is passed, the Cabinet will consist of 26 ministries and commissions in addition to the General Office of the State Council.

Related News:

  • Apple Announces That WWDC 2018 Will Return to San Jose June 4

    Apple Announces That WWDC 2018 Will Return to San Jose June 4

    Apple has announced that its 2018 Worldwide Developers Conference will be held from June 4 to June 8 in San Jose, California. That said. reports indicate that a new low-end MacBook and smaller iPad Pro version may be breaking cover at this event.
    Apple Maps Now Shows Bike Sharing Stations in Montreal, Toronto and Beyond

    Apple Maps Now Shows Bike Sharing Stations in Montreal, Toronto and Beyond

    Apple has announced that Maps will now allow users in Montreal and Hamilton to search for bike sharing stations . The addition of bicycle sharing helps Apple Maps move ever closer in the race to catch up to Google Maps.
    Ramesh Ponnuru: Republican leaders will cave in on Trump tariffs

    Ramesh Ponnuru: Republican leaders will cave in on Trump tariffs

    Several spoke of how excessive "dumping" of steel and aluminum imports had negatively affected their jobs and families. Trump says he's sticking with his initial plan for import tariffs of 25 percent on steel and 10 percent on aluminum.
  • Sam Bradford, Cardinals Agree to 1-Year, $20M Contract with Option

    Sam Bradford, Cardinals Agree to 1-Year, $20M Contract with Option

    Bradford will be getting a one-year deal worth $20 million with an option for a second season, according to an NFL Network report. His 2017 season was short-lived, however, after a knee injury cost him all but two games in the regular season.
    Trey Burton expected to sign with the Bears

    Trey Burton expected to sign with the Bears

    In his second season in Jacksonville in 2015, Robinson caught 80 passes for 1,400 yards, and an NFL-leading 14 touchdowns. He posted 37 catches for 327 yards and one touchdown in 2016 and 23 receptions for 248 yards and five scores in 2017.
    Mourinho names Premier League's worst manager ever

    Mourinho names Premier League's worst manager ever

    Speaking on BT Sport's highlights show on Saturday evening, De Boer had said: "It is a pity that the manager is Mourinho".
  • Prosecutors Will Seek Death Penalty In Parkland School Shooting

    Prosecutors Will Seek Death Penalty In Parkland School Shooting

    If he does reach a plea deal with prosecutors, the only other option for Cruz is life in prison without the possibility of parole. Cruz now " stands mute " before the charges, having withdrawn a written "not guilty" plea after being indicted by the grand jury.
    YouTube's mobile app finally gets a dark theme

    YouTube's mobile app finally gets a dark theme

    The app will automatically switch to a darker hue, with no app restart necessary for the change to go into effect. If you're a regular YouTube viewer, you've probably already heard of the platform's "Dark Mode" functionality.
    Luke Bryan's American Idol Debut

    Luke Bryan's American Idol Debut

    Of course, not everyone got in, including Cosby, a music theater performer who did not get that coveted ticket to Hollywood. Instead, she thought his audition was an imitation, so Katy said he needs more time to develop and it's a "no" from her.
  • Former aide to Gov. Cuomo convicted in bribery case

    Former aide to Gov. Cuomo convicted in bribery case

    Defense attorneys argued the entire case rested on unreliable testimony from the government's star witness, Todd Howe. NY state is the most corrupt in the nation but certain members of the Legislature seem in no hurry to stomp it out.
    CM Punk reveals he's fighting at UFC 225 on Twitter

    CM Punk reveals he's fighting at UFC 225 on Twitter

    The fight will take place in CM Punk's hometown of Chicago, Illinois at UFC 225 on June 9th. Although CM Punk's UFC debut didn't go as planned, he is set to return to the Octagon.
    Trump personal aide fired, escorted out without coat

    Trump personal aide fired, escorted out without coat

    After the eleciton, McEntee remained close to the president in the White House as his body man. "He made sure Mr. Other reports indicate the firing happened because he is under investigation for serious financial crimes.


Most liked

CDC Says Missing Doctor Wasn't Denied A Promotion
Cunningham's parents reported him missing on February 16 after they went to his home and found his belongings and vehicle there. His concerned parents found his wallet, vehicle and beloved pet all abandoned at Cunningham's Atlanta area home.

Zayn and Gigi Hadid split after more than two years together
She had also split up with USA pop heartthrob Joe Jonas, 28, just weeks before they got together . A source told the British newspaper, "Sadly Zayn and Gigi have separated".

AAP, Cong to team up, raise sealing issue in Parliament
AAP might pass a resolution in favour of traders in the assembly budget session and send it to the Centre for consideration. The sealing drive in the national capital has hit the traders, who have been agitating against it.

Man Utd employee reveals the truth following Jose Mourinho's claim about Rashford
United host Sevilla in Tuesday night's Champions League last-16 second leg with the tie poised at 0-0 , meaning the Spanish club will go through on away goals in the event of a score draw.

U.S. stocks end mixed after February jobs data
Advancing issues outnumbered declining ones on the NYSE by a 1.22-to-1 ratio; on Nasdaq, a 1.45-to-1 ratio favoured advancers. Optical communications company Oclaro soared 23 percent after agreeing to be acquired by Lumentum Holdings.

Former Patriots WR expected to sign with Miami Dolphins, per report
However, he did his best work during the playoffs, where he caught 33 balls for 348 yards with two touchdowns in three games. For the Patriots, the hope is that Amendola's departure doesn't come back to haunt them in a future playoff game.

Celtics' Smart out indefinitely with thumb injury
The Celtics hold a 46-21 record and are 3.5 games behind the Toronto Raptors for first place in the Eastern Conference. In search of another opinion on his injured right thumb, Celtics guard Marcus Smart is setting up a trip to NY .

United Nations investigator blames Facebook for spreading hate against Rohingyas
Bangladesh and Myanmar agreed in November to begin repatriating Rohingya who volunteered to return to Rakhine, but the plan has stalled.

Russian exile found dead in London amid ex-spy poisoning probe
Nikolai Glushkov, 68, was discovered dead late on Monday at an address in Clarence Avenue in suburban south-west London. Glushkov is believed to have two grown up children, Natasha and Dima, and an ex-wife who lives in Moscow.

'Game of Thrones' final season sounds like a bloodbath
As such, Orsi noted "it feels like corporate malfeasance to not continue it", with HBO now developing "three, four, five spin-offs".

Notre Dame expresses disappointment in NCAA Tournament snub
Playing their best basketball late in the season, the Pirates could cause the Irish some problems in the first round of the NIT. Notre Dame is also 1-4 ATS in their last five Tuesday games and 1-4 ATS in their last five non-conference games.

Charter bus carrying high school band students crashes off interstate
Greg Abbott tweeted, "Please join Cecilia & me in prayer and support for the Channelview students harmed by this bus crash". Baldwin County Sheriff Huey Hoss Mack confirmed the death Tuesday morning while talking to news reporters.

Two people hospitalised after suspicious package found near Parliament
The letter posted to some addresses and on social media urges terrorist and violent acts against Muslims in the United Kingdom . A Parliamentary spokesman said: 'The Met Police are now investigating suspicious items of mail in Norman Shaw North.

Investor to spot High Dividend: Time Warner Inc. (TWX) triggering 1.66% Yield
Time Warner Inc. (NYSE:TWX) touched its 1-Year High price of $103.90 on 10/05/17 and its 1-Year Low price of $ 85.88 on 11/15/17. Community National Bank Na reported 0% stake. 5 analysts say it's a Hold while 0 analysts provided their expert opinion as Sell.

Oil Sinks on Output Complications
At 0640 GMT, May WTI crude oil is trading $61.86, down $0.06 or -0.10% and June Brent crude oil is at $65.35, up $0.08 or +0.12%. The crude oil prices are falling because of fears that rising USA production could lead to even larger volumes of stocks.