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China to merge banking, insurance regulators in biggest ministry shake-up

The massive reshuffle plan of various ministries is aimed at making the government better-structured, more efficient, and service-oriented.

Reported by: PTI, New Delhi [ Published on: March 13, 2018 13:08 IST ]
Image Source : AP IMAGE Zhou Xiaochuan, governor of the People's Bank of China arrives for a press conference held on the sidelines of the annual meeting of China's National People's Congress (NPC) in Beijing.

China on Tuesday unveiled plans for the biggest ministry shake-up in years, including the merger of its banking and insurance regulators to reduce risks to its financial system from a rapid build-up in debt. 

The massive reshuffle plan of various ministries is aimed at making the government better-structured, more efficient, and service-oriented. 

China is also due to announce appointment of new ministers and officials, including the foreign minister, as part of changes in every five years. 

The reform plan will be submitted to the ongoing first session of the National People's Congress (NPC) for deliberations, state-run Xinhua news agency reported. 

There will be 26 ministries and commissions of the State Council after the reshuffle, the report said. 

The sweeping changes include the merger of China's banking and insurance regulators and the setting up of a special bureau to oversee immigration issues, the Hong Kong based South China Morning Post reported. 

China is in the midst of a battle against financial risk, as credit in the world's second largest economy has exploded since the financial crisis a decade ago. 

Financial regulators have cracked down on major companies -- even taking over Anbang Insurance this year -- to get a handle on building risk and unwieldy debt that some analysts worry pose a serious threat to China's financial stability. 

Among the new entities are a ministry of natural resources, a ministry of veterans' affairs and a ministry of emergency management. 

The plan also includes the merger of the ministry of culture and the national tourism administration into one.

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