The National Financial Regulatory Administration (NFRA) is a regulatory agency, under the

State Council of the People's Republic of China The State Council of the People's Republic of China, also known as the Central People's Government, is the chief administrative authority and national cabinet. It is constitutionally the highest administrative organ of the country and the e ...

. It is responsible for overseeing the financial sector (including banking and insurance) in China, except

securities A security is a tradable financial asset. The term commonly refers to any form of financial instrument, but its legal definition varies by jurisdiction. In some countries and languages people commonly use the term "security" to refer to any for ...

History

The NFRA was established on 10 March 2023 to replace the

China Banking and Insurance Regulatory Commission The China Banking and Insurance Regulatory Commission (CBIRC) was an agency of the State Council of China authorised to * Supervise the establishment and ongoing business activities of banking and insurance institutions. * Take enforcement action ...

(CBIRC) as part of the

plan on reforming Party and state institutions The plan on reforming Party and state institutions ( zh, , p=Dǎng hé guójiā jīgòu gǎigé fāng'àn, s=党和国家机构改革方案) was a large-scale reform of the institutions of the Chinese Communist Party (CCP) and the People's Repub ...

, also taking over some roles from the

People's Bank of China The People's Bank of China (officially PBC and unofficially PBOC) is the central bank of the People's Republic of China. It is responsible for carrying out monetary policy as determined by the ''PRC People's Bank Law'' and the ''PRC Commercia ...

(PBC) and the

China Securities Regulatory Commission The China Securities Regulatory Commission (CSRC) is a government agency directly under the State Council of the People's Republic of China. It is the main regulator of the securities industry in China. History Indicative of the role of the C ...

(CSRC). On May 10, 2023,

Li Yunze Li Yunze (; born September 1970) is a Chinese state banker and politician currently serving as the Director of the National Administration of Financial Regulation. He served as a vice governor of Sichuan from 2018 to 2023. Biography Li was born ...

was appointed as the

Chinese Communist Party committee secretary A Party Committee Secretary () is the leader of the Chinese Communist Party (CCP) organization in a province, city, village, or other administrative unit. In most cases, it is the ''de facto'' highest political office of its area of jurisdictio ...

of the NFRA. On May 19, 2023, Li was appointed as the director of the NFRA.

Responsibilities

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. In total, it oversees US$58 trillion of banking and insurance assets.

Structure

The NFRA has 27 departments, one more than the former CBIRC. 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.

Leadership

Directors

References

External links

* {{authority control 2023 establishments in China Financial regulatory authorities of China Government agencies established in 2023 Government agencies of China Organizations based in Beijing State Council of China