National Financial Regulatory Administration
| 国家金融监督管理总局 | |
| File:National Emblem of the People's Republic of China (2).svg | |
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| File:National Administration of Financial Regulation (20230628183842).jpg Headquarters | |
| Agency overview | |
|---|---|
| Formed | March 10, 2023 |
| Preceding agency | |
| Jurisdiction | File:Flag of the People's Republic of China.svg People's Republic of China |
| Headquarters | Beijing |
| Agency executive |
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| Parent agency | State Council |
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The National Financial Regulatory Administration (NFRA) is a regulatory agency, under the State Council of the People's Republic of China. It is responsible for overseeing the financial sector (including banking and insurance) in China, except securities.
History
[edit | edit source]The NFRA was established on 10 March 2023 to replace the China Banking and Insurance Regulatory Commission (CBIRC) as part of the plan on reforming Party and state institutions, 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 NFRA.[1] On May 19, 2023, Li was appointed as the director of the NFRA.[2]
Responsibilities
[edit | edit source]The NFRA oversees 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]
Structure
[edit | edit source]The NFRA has 27 departments, one more than the former CBIRC.[4] 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.[5] The NFRA has an International Advisory Council, which is made up of current and former leaders of foreign financial companies and institutions.[6]
Leadership
[edit | edit source]Directors
[edit | edit source]| Name | Chinese name | Took office | Left office | Ref. |
|---|---|---|---|---|
| Li Yunze | 李云泽 | 19 May 2023 | [7] |
See also
[edit | edit source]References
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External links
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