National Administration of Financial Regulation
国家金融监督管理总局
Emblem of the People's Republic of China

Headquarters
Agency overview
FormedMarch 10, 2023 (2023-03-10)
Preceding agency
Jurisdiction People's Republic of China
HeadquartersBeijing
Agency executive
Parent agencyState Council
Websitewww.cbirc.gov.cn

The National Administration of Financial Regulation (NAFR, Chinese: 国家金融监督管理总局) is a financial regulatory body under the State Council of the People's Republic of China.

History

The NAFR was established on 10 March 2023 to replace the China Banking and Insurance Regulatory Commission (CBIRC), also taking over some roles from the People's Bank of China (PBC) and the China Securities Regulatory Commission (CSRC). On May 10, 2023, Li Yunze was appointed as the Chinese Communist Party committee secretary of the NAFR.[1] On May 19, 2023, Li was appointed as the director of the NAFR.[2]

Responsibilities

The NAFR will oversee regulatory supervision, including the enforcement of financial laws and regulations, of nearly all parts of the financial industry except securities, which are instead managed by the CSRC.[3] In total, it will oversee US$58 trillion of banking and insurance assets.[4][5]

Structure

The NAFR has 27 departments, one more than the former CBIRC.[6] It is planned to absorb around 1,600 county-level branches of the People's Bank of China; the PBC had 1,761 such branches at the end of 2021.[7]

See also

References

  1. ↑ He, Laura (11 May 2023). "China names head of powerful new financial regulator as industry faces greater scrutiny". CNN. Retrieved 16 May 2023.
  2. ↑ "China's State Council appoints, removes officials". Xinhua News Agency. 19 May 2023. Retrieved 21 May 2023.
  3. ↑ "Decoding Chinese Politics". Asia Society. Retrieved 2 October 2023.
  4. ↑ Lee, Amanda (10 May 2023). "China's financial overhaul continues with banking veteran Li Yunze named party chief of new regulatory body". South China Morning Post. Retrieved 16 May 2023.
  5. ↑ "China Names Li Top Financial Regulator in Surprise Move". Bloomberg News. 10 May 2023. Retrieved 16 May 2023.
  6. ↑ Zuo, Mandy (12 November 2023). "China's new financial watchdog gets teeth to take on fintech risks". South China Morning Post. Retrieved 22 November 2023.
  7. ↑ Cheng, Leng; Sun, Yu (25 December 2023). "China sidelines its once venerated central bank". Financial Times. Retrieved 25 December 2023.
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