National Financial Regulatory Administration
The National Financial Regulatory Administration is a regulatory agency, under the State Council of the [People's Republic of China]. It is responsible for overseeing the financial sector in China, except securities.
History
The NFRA was established on 10 March 2023 to replace the China Banking and Insurance Regulatory Commission as part of the plan on reforming Party and state institutions, also taking over some roles from the People's Bank of China and the China Securities Regulatory Commission. On May 10, 2023, Li Yunze was appointed as the Chinese [Communist Party Committee Secretary|Chinese Communist Party committee secretary] 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.
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. The NFRA has an International Advisory Council, which is made up of current and former leaders of foreign financial companies and institutions.
Leadership
Directors