The China Banking and Insurance Regulatory Commission (CBIRC) was an agency of the State Council of the People's Republic of China authorised to[1]
- Supervise the establishment and ongoing business activities of banking and insurance institutions.
- Take enforcement actions against regulatory violations.
| 中国银行保险监督管理委员会 | |
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| Agency overview | |
|---|---|
| Formed | 8 April 2018 |
| Preceding agencies | |
| Dissolved | March 2023 |
| Superseding agency | |
| Jurisdiction | People's Republic of China |
| Headquarters | Beijing, People's Republic of China |
| Agency executive |
|
| Parent department | State Council |
| Website | CBIRC.gov.cn |
The commission was replaced by the newly formed National Financial Regulatory Administration in May 2023.
History
editThe CBIRC was established in April 2018 by a merger of China's banking and insurance regulators, namely, the China Banking Regulatory Commission (CBRC) and China Insurance Regulatory Commission (CIRC).[2]
It supervised and managed China's banking and insurance sectors, participated in the drafting of legislation and regulation relevant to those sectors, performed supervisory and management functions in those sectors, and conducting studies on the management of those sectors.[3]: 39 As a result of these functions, it was also involved in regulating fintech and data security and privacy issues.[3]: 39
It was abolished in March 2023 as part of a plan to overhaul government agencies, being replaced by the National Administration of Financial Regulation.[4]
See also
editReferences
edit- ^ "Practical Law UK Signon". uk.practicallaw.thomsonreuters.com. Retrieved 2018-08-29.
- ^ "China Banking and Insurance Regulatory Commission officially unveiled". www.cbirc.gov.cn. Archived from the original on 2019-07-30. Retrieved 2018-08-29.
- ^ a b Zhang, Angela Huyue (2024). High Wire: How China Regulates Big Tech and Governs Its Economy. Oxford University Press. ISBN 9780197682258.
- ^ "China Orders Biggest Regulatory Revamp in Decades With Eye on US". Bloomberg.com. 7 March 2023. Retrieved 7 March 2023.
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