The official sign for the newly formed banking and insurance regulator has been unveiled at what was previously the site of the China Banking Regulatory Commission.
The sign for the China Banking and Insurance Regulatory Commission was officially installed and revealed at 15 Jinrong St. in the Xicheng district of Beijing, at what was originally the headquarters of the banking regulator.
The Chinese central government announced its decision to merge China’s banking and insurance regulators into a single body at the country’s Two Sessions congressional meeting in March.
The move, which marks the biggest shake up of China’s financial regulatory system in 15 years, also saw a sizeable expansion of the powers of the People’s Bank of China – China’s central bank, to encompass the drafting of banking and insurance sector regulation.
Guo Shuqing, formerly the head of CBRC, has been appointed head of CBIRC, as well as party secretary of the People’s Bank of China, making him one of the most influential figures in China’s financial system.
Observers say the establishment of CBIRC is intended to improve the efficiency and coordination of Chinese financial regulation, especially given the increasingly “integrated” nature of financial services in China and closer ties between the banking and insurance sectors.