China to Merge Banking, Insurance Regulators: Document

Chinese government proposes massive ministry shake-up

The reorganization, which includes a merger of the bank and insurance regulator, and the granting of new powers to the central bank, is a key part of President Xi Jinping's agenda and his desire to consolidate the power of the Chinese Communist Party.

The banking and insurance regulators will become a single entity, as China is aiming to streamline administration and improve its prevention of financial risks.

China on Tuesday unveiled a massive cabinet reshuffle plan to make the government better-structured, more efficient and service-oriented.

Since the beginning of a year ago, Beijing has cracked down on leverage and risky market practices, with China's financial regulators releasing a flurry of new rules in an attempt to rein in risks.

"Deepening the reform of the party and state institutions is an inevitable requirement for strengthening the long-term governance of the party", Liu said in the commentary in the official People's Daily.

In total China will have 26 ministries and commissions when the changes are formally approved.

The long-awaited measures to tighten the control over the banking and insurance sector of the country, which has a total value of 42 trillion Dollars, comes amid the authorities' attempts to curb risky credit practices and reduce high corporate indebtedness.

The draft also includes a new immigration bureau and changes to the tax system.

The new merged entity will directly report to the State Council, or cabinet.

Several new ministries will be created, including a more encompassing Ministry of Agriculture and Rural Areas as well as ministries for emergency management, ecology and environment, and veteran affairs.

There will also be new administrations, such as an global development cooperation agency, a state immigration administration, and a banking and insurance regulatory commission.

Such regulatory arbitrage and risky cross-asset investments have anxious policymakers.

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