Goldman summarises more Chinese reform:
The draft plan of State Council institutional reform was released this afternoon (March 7th; still awaiting formal approval by the end of the National People’s Congress meeting). Key changes include 1) more consolidated financial regulation: State Council will establish a national financial regulatory administration to regulate the financial industry (except for the securities sector, which will continue to be regulated by the CSRC). This new administration will replace the current CBIRC (“China Banking and Insurance Regulatory Commission”) and also take over some regulatory responsibilities currently under PBOC and CSRC (“China Securities Regulatory Commission”). CSRC will be retained with more regulatory responsibilities on the review and approval of certain type of bond issuance currently under NDRC. It will be a “government agency” (which includes institutions like China Customs and State Taxation Administration) under State Council, which is a higher-level designation than a “public institution” (which includes institutions like Xinhua news agency). The draft plan also proposed to streamline financial regulation at the local level.
That is a plan to do this:
