China will merge its banking and insurance regulators in a move to plug regulatory loopholes that have enabled risky forms of shadow banking.
The National People’s Congress, the rubber-stamp parliament, announced the combination of the China Banking Regulatory Commission and the China Insurance Regulatory Commission on Tuesday as part of a sweeping government re-organisation plan that will see at least a dozen agencies merged or eliminated.
The CIRC has been without a permanent chairman since April, when the Communist party’s anti-corruption agency placed then-chairman Xiang under investigation.
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