Last year China announced and started implementing a major overhaul of its financial supervisory architecture. The newly created Central Financial Commission and the National Administration of Financial Regulation have taken over mandates previously exercised by the now-defunct China Banking and Insurance Regulatory Commission as well as the China Securities Regulatory Commission and the People’s Bank of China, whose heft is consequently diminished. What has been driving these changes, and what might be their impact on the structure of the financial sector and on financial stability?
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