Premier Li Keqiang submitted the China's State Council
Institution Reform Plan (Hereinafter referred to as Reform Plan)
which was formed in accordance with the Communist Party of
China (CPC) and State Institution Reform Plan, to the First
Session of the 14th National People's Congress for deliberation
on March 7, 2023; National People's Congress approved
the Reform Plan on March 10, 2023. Among them the
relevant content of the establishment of the National Financial
Regulatory Administration became the dominant topic in the
financial industry. According to the Reform Plan, the National
Financial Regulatory Administration will be unified and
responsible for the supervision of the financial industry except
for the securities industry, strengthening institutional
supervision, conduct supervision, functional supervision,
penetrating supervision and continuous supervision, and
coordinating the protection of the rights and interests of
financial consumers and other matters.
