China Central Bank Gains More Power
Certain CBRC and CIRC functions, including drafting key regulations and prudential oversight, will be moved to the PBOC, according to the proposal unveiled on Tuesday.
The China Banking Regulatory Commission and the China Insurance Regulatory Commission have oversight of US$43 trillion in financial assets, according to a report by Bloomberg.
The massive reshuffle plan of various ministries is aimed at making the government better-structured, more efficient, and service-oriented.
Xi, 64, is set to continue for a life term as the NPC approved the removal of the two-term limit for the president and the vice president.
A document presented Tuesday at China's National People's Congress revealed that the world's second-largest economy was to get a number of new ministries, including a more encompassing Ministry of Agriculture and Rural Areas as well as a Ministry for Ecology and Environment.
"It focuses on the needs of development and meets the people's expectations", Wang said, adding that the restructuring forms part of a broader plan by the Communist Party of China to deepen the reform of the Party and state institutions.
Poland Friendly: Eagles can tame red-hot Lewandowski- Rohr
Rohr spoke to reporters when the FIFA World Cup Trophy Tour arrived in Lagos according to All Nigeria Soccer. That is old-fashioned because the sun is not favourable playing on such turf.
NCBA Applauds USDA's Withdrawal of Organic Marketing Rule
OTA is the leading voice for the organic trade in the United States, representing over 9,500 organic businesses across 50 states. Changes to the existing organic regulations , USDA said, could have a negative effect on real costs for producers and consumers.
Shehu Sani Said Nothing New About Senators' Salary
But in an interview with BBC , he said he his prepared to face the backlash of his revelation. He did admit that there is no specific instruction on the running cost paid to the Senators.
The plan also includes the merger of the ministry of culture and the national tourism administration into one.
"Finance is core to a modern economy and we must pay high attention to prevent financial risks and safeguard national financial security", the proposal said, adding that it is meant to fix any overlaps in regulatory oversight.
When the plan is passed, the cabinet will consist of 26 ministries and commissions in addition to the General Office of the State Council.
There will be new administrations under the state council or the central cabinet, such as an global development cooperation agency and a state immigration administration. It's the biggest overhaul in the regulation of the industry since the creation of the CBRC in 2003. It has grown rapidly in size and complexity, emerging as one of the world's largest with financial assets at almost 470 percent of gross domestic product, according to the International Monetary Fund.
Such regulatory arbitrage and risky cross-asset investments have anxious policymakers.
China announced the creation of a new Financial Stability and Development Committee in July, and since then watchdogs overseeing banks, insurers and the stock market have intensified efforts to clamp down on shadow financing and other perceived risks.
Recommended News
-
13 March 2018Ex-Lions DT Haloti Ngata plans to sign with Eagles
In his career, Ngata has 31.5 career sacks and won a Super Bowl with the Baltimore Ravens in 2012. Ngata, 34, is a five-time Pro Bowler, two-time first-team All-Pro, and a Super Bowl champion.
13 March 2018Taylor Swift hides Joe Alwyn references in Delicate music video
The influential artist was preparing for her upcoming world tour for " reputation " as the awards were happening. When she realizes her new invisibility, Swift begins to break out into silly dance moves.
13 March 2018Female Microsoft employees filed hundreds of harassment and discrimination complaints, lawsuit says
Along with the number of complaints filed, human resource practices were released publicly in a legal filling submitted on Monday. The plaintiff's attorneys are hoping the suit can proceed as a class action lawsuit, which might "cover more than 8,000 women". -
Bears sign Trey Burton
The Eagles were widely expected to lose Burton, who racked up 23 catches for 248 yards and five touchdowns in the regular season. It turns out his destination is Chicago, where Burton caught his first career touchdown pass from Carson Wentz in 2016.
13 March 2018Heather Locklear charged with battery of sheriff's deputies
Locklear may have felt relieved that domestic violence charges have vanished but she shouldn't be complacent at all. Police learned during their investigation that Locklear purchased a gun in 1985 and registered it under her name.
13 March 2018Roger Federer continues hot form, downs Federico Delbonis at Indian Wells
Federer and 10th seed Djokovic both came into the tournament seeking to become the first six-time victor of the event. His backhand, traditionally his most consistent and game-breaking weapon, bled errors-32 in all. -
Ross Stores (ROST) Stock Rating Lowered by Zacks Investment Research
It is positive, as 45 investors sold JNJ shares while 871 reduced holdings. 94 funds opened positions while 456 raised stakes. USA stocks surged on Friday, pushing the Nasdaq composite to a record, after February jobs growth far exceeded expectations.
13 March 2018Baghdad ends air blockade of Kurdistan, Iraqi PM announces
It also specified that a biometric system used in Kurdistan's airports will be linked with the federal system. It was not immediately clear whether the region would continue to maintain its independent visa system.
13 March 2018Rahul Gandhi, Mamata Banerjee condole loss of lives in Chhattisgarh Maoist attack
He took to twitter and wrote this, "My heartfelt condolences to the families of that person who lost their lives in Sukma blast". India's home minister has described the attack as "distressing" and expressed sorrow over the killing of CRPF personnel. -
Researchers identify over 500 genes related to intelligence
The study - the largest of its kind - could lead to new treatments for Alzheimer's disease. Some of these genes have already been linked to other things, such as longevity.
13 March 2018Affordable 3D-printed housing model debuts at SXSW
To combat this deficiency, an Austin-based startup has proposed a solution of developing a house by using low-priced 3D printing. However, ICON thinks that its structure is the first printed house that's been considered habitable by a local government.(NASDAQ:EXAS) Position Trimmed by Sigma Planning Corp
Zacks Investment Research lowered EXACT Sciences from a buy rating to a hold rating in a research note on Thursday, November 2nd. Analysts are also projecting an Average Revenue Estimate for Exact Sciences Corporation as $86930 in the Current Quarter.
