China News Agency, Beijing, March 7th. The institutional reform plan of the State Council submitted to the First Session of the 14th National People's Congress for deliberation on the 7th disclosed that China plans to establish the State Financial Regulatory Administration to be responsible for the supervision of the financial industry except the securities industry.

The China Banking and Insurance Regulatory Commission is no longer retained.

　　On the afternoon of the 7th, the 1st session of the 14th National People's Congress held its second plenary session. Xiao Jie, State Councilor and Secretary-General of the State Council, was entrusted by the State Council to explain the State Council's institutional reform plan to the session.

　　Xiao Jie said that in order to solve the long-standing outstanding contradictions and problems in the financial field, the State Financial Regulatory Administration was established on the basis of the China Banking and Insurance Regulatory Commission, which is responsible for the supervision of the financial industry other than the securities industry, and strengthens institutional supervision, behavior supervision, Functional supervision, penetrating supervision, continuous supervision, overall planning and responsibility for the protection of the rights and interests of financial consumers, strengthening risk management and prevention and handling, investigating and punishing violations of laws and regulations according to law, as an institution directly under the State Council.

　　Xiao Jie introduced that in order to strengthen the protection of the legitimate rights and interests of financial consumers and uniformly standardize financial products and service behaviors, the People's Bank of China's daily regulatory responsibilities for financial groups such as financial holding companies, relevant financial consumer protection responsibilities, and the China Securities Regulatory Commission's investment The duty of protection of financial institutions is assigned to the State Administration of Financial Supervision and Administration.

The China Banking and Insurance Regulatory Commission is no longer retained.

　　The plan also proposes to deepen the reform of the local financial supervision system.

Establish a local financial regulatory system centered on the local agencies of the central financial management department, and coordinate and optimize the establishment and deployment of local agencies of the central financial management department.

The financial regulatory agencies established by local governments are solely responsible for regulatory responsibilities, and no longer have the names of Financial Work Bureau and Financial Office.

　　According to the plan, the China Securities Regulatory Commission will be adjusted from a public institution directly under the State Council to an institution directly under the State Council.

Strengthen capital market regulatory responsibilities, assign it to the National Development and Reform Commission's corporate bond issuance review responsibilities, and the China Securities Regulatory Commission is responsible for corporate (enterprise) bond issuance review work.

　　Coordinating and promoting the reform of the branches of the People's Bank of China has also been written into the plan.

Xiao Jie said that the regional branch system of the People's Bank of China should be adjusted, and branches should be established according to administrative regions.

Cancel regional branches and branch business management departments of the People's Bank of China, business management departments directly under the head office, and central sub-branches in provincial capitals, set up provincial-level branches in 31 provinces (autonomous regions, municipalities directly under the central government), and plan to set up in Shenzhen, Dalian, Ningbo, Qingdao, and Xiamen Branches in separate cities.

　　In response to the proposal to improve the management system of state-owned financial capital, Xiao Jie introduced that in order to clarify the power-responsibility relationship between financial supervision departments, institutions that perform the duties of state-owned financial capital contributors, and state-owned financial institutions, promote the separation of management and management, and the separation of government and enterprises. The market operation institutions managed by the financial management department are divested, and the relevant state-owned financial assets are transferred to the state-owned financial capital entrusted management institution, which will uniformly perform the investor's duties according to the authorization of the State Council, and promote the sustainable and healthy development of state-owned financial institutions.

　　The plan also stated that the unified and standardized management of staff in financial management departments will be strengthened.

The People's Bank of China, the State Administration of Financial Supervision, the China Securities Regulatory Commission, the State Administration of Foreign Exchange and its branches, and dispatched offices all use administrative staffing. Staff are included in the unified and standardized management of national civil servants, and the national civil servant salary and treatment standards are implemented.

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