The Chinese government has decided to merge the country’s banking and insurance regulators into a single entity governing both sectors.

The new entity formed after merger of the China Banking Regulatory Commission and the China Insurance Regulatory Commission will be under the direct control of the China’s cabinet, known as State Council.

The move will lead to both regulators surrendering part of their policy responsibilities to China’s central bank, which will now assume the responsibilities of drafting important laws and regulations for the banking and insurance sectors.

Chinese president Xi Jinping’ top economic adviser Liu He said: “Deepening the reform of the party and state institutions is an inevitable requirement for strengthening the long-term governance of the party.”

The heads of the new merged regulator is expected to be made public before the close of the annual session of parliament on 20 March 2018.

The overhaul of regulators is seen as a response to the rising risks in the country’s sophisticated but opaque financial services industry.

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