According to ADB website, the current financial regulatory structure in PRC is sector based; as the central bank, Peoples' Bank of China (PBOC) is responsible for monetary policy and the stability of the financial system in general, while the China Banking Regulatory Commission (CBRC), China Securities Regulatory Commission (CSRC), and China Insurance Regulatory Commission are central authorities responsible for regulating banking, securities, and insurance sectors. Since 2008, the decentralization of financial supervision gradually started. This was reinforced by PRC's 12th Five-Year Plan, which sets out the goal of improving local financial management system and strengthening the responsibility of provincial government for managing the local medium and small financial institutions. In 2012, Premier Wen Jiabao also requested to strengthen the provincial government financial supervision responsibility and awareness.
The impact will be the development of more effective and sustainable local financial systems. The outcome will be the successful implementation of local and regional financial sector and regulatory reforms based on the study outputs of the TA.
Project Officer: Lee, Seung Min
East Asia Department, ADB
No contact information provided at the time of disclosure.
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