China’s National People’s Congress (NPC) confirmed plans last week to merge China’s three antitrust authorities into a single agency under a new government body called the State Administration for Market Supervision. At the same time, the NPC also confirmed plans to merge China’s banking and insurance regulators, the China Banking Regulatory Commission (CBRC) and the China Insurance Regulatory Commission (CIRC), into a new agency called the China Banking and Insurance Regulatory Commission (CBIRC). The NPC approved both proposals on 17 March and the CBIRC was formed on 21 March. The proposal to merge China’s banking and insurance regulators is part of broader institutional reforms currently underway in this sector in China. The policy functions of CBRC and CIRC will be transferred to the
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The Chinese Government confirms plans to merge China’s three antitrust authorities into a single agency under a new government body called the State Administration for Market Supervision
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