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ARTICLE · 11 SEPTEMBER 2013

China State Council Launched New Financial Coordination Mechanism

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On August 20, 2013, the China State Council approved the application from the People’s Bank of China to launch a new financial coordination mechanism led by the Central Bank to reinforce regulation in the financial sector, but without altering the existing functions of industry regulators.

ChinaFinance and Banking
Xiao Xu
Xiao Xu
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On August 20, 2013, the China State Council approved the application from the People's Bank of China (Central Bank) to launch a new financial coordination mechanism led by the Central Bank to reinforce regulation in the financial sector, but without altering the existing functions of industry regulators.

The new system will be led by the central bank and will involve the chairmen of the CBRC (China Banking Regulatory Commission), CSRC (China Securities Regulatory Commission), CIRC (China Insurance Regulatory Commission) and SAFE (State Administration of Foreign Exchange). If necessary, the NDRC (National Development and Reform Commission), the country's top economic planner, and the MOFCOM (Ministry of Finance and Commerce) will also be invited to take part in the meetings.

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