China Banking Regulatory Commission

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China Banking Regulatory Commission
中国银行业监督管理委员会
China Banking Regulatory Commission logo.png
Agency overview
JurisdictionNational
Headquarters Beijing
Agency executive
Parent agency State Council
Websitecbrc.gov.cn

The China Banking Regulatory Commission (CBRC) was an agency of the People's Republic of China (PRC) authorised by the State Council to regulate the banking sector of the PRC except the territories of Hong Kong and Macau, both of which are special administrative regions.

Contents

History

In 1998, the Communist Party established the Central Financial Work Commission to be the implementing body for financial policies, coordinating regulatory agencies in the financial sector, conducting investigations and disciplinary inspections, and making personnel recommendations. [1] : 39  In 2002, the Commission was dissolved and most of its functions transferred to the newly created China Banking Regulatory Commission (CBRC). [1] : 39 

In response to their swelling debt loads, undercapitalization and non-transparent business practices, the government of China recapitalized the banks and set up the CBRC as the country's independent banking regulator in 2003. Liu Mingkang was appointed its first chairman and served until 2011, when he was replaced by Shang Fulin. In 2017, Shang was replaced by Guo Shuqing as the new chairman. [2]

Active in developing policies to promote financial inclusion, the Bank is a member of the Alliance for Financial Inclusion. [3]

In April 2018, as part of the deepening the reform of the Party and state institutions, the China Banking Regulatory Commission was merged with the China Insurance Regulatory Commission to form the China Banking and Insurance Regulatory Commission.

See also

References

  1. 1 2 Borst, Nicholas (2025). The Bird and the Cage: China's Economic Contradictions. Singapore: Palgrave Macmillan. ISBN   978-981-96-3996-0.
  2. ↑ "China Names Guo Shuqing, a Rapid-Fire Regulator, to Oversee Troubled Banks. NY Times, 2017-02-27. Retrieved 2018-06-07". Archived from the original on 2020-07-28. Retrieved 2018-06-07.
  3. ↑ "AFI members". AFI Global. 2011-10-10. Archived from the original on 2012-02-20. Retrieved 2012-02-23.
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