Reformers cautious over single regulator to oversee finance
Source: Xinhua |
March 12, 2013, Tuesday
|
Print Edition
Print Edition
CHINESE reform researchers are still unsure whether the country should create a financial super-regulator to oversee the banking, securities and insurance sectors, an official involved in drafting China's latest reshuffling plans said yesterday.
"The issue is quite complicated," Wang Feng, deputy director of the State Commission Office for Public Sector Reform, told reporters while explaining why the central government has refrained from reforming its current financial regulatory bodies in its latest institutional reform package.
He said policymakers had noticed that a financial regulator with mixed operations was a trend in other countries, compared to single regulators supervising the banking, securities and insurance sectors.
China currently has the China Banking Regulatory Commission to oversee the banking sector, the China Securities Regulatory Commission to supervise the equityies markets and the China Insurance Regulatory Commission to regulate the insurance sector. "Should we change the existing method of regulation? We don't know. Is it the time now? We don't know," Wang said. "So let's take a cautious attitude and have a look first."
He said resistance from groups with vested interests was inevitable in any reform.
His office has been widely involved in drafting a plan to restructure China's ministerial-level departments.
However, the possible creation of mega-ministries in the energy, culture and finance sectors is not on the State Council's agenda.
If the restructuring package is approved by the top legislature, the State Council will cut its ministerial departments to 25 from 27, as it has acknowledged that the government focused too much on micromanagement.
"The issue is quite complicated," Wang Feng, deputy director of the State Commission Office for Public Sector Reform, told reporters while explaining why the central government has refrained from reforming its current financial regulatory bodies in its latest institutional reform package.
He said policymakers had noticed that a financial regulator with mixed operations was a trend in other countries, compared to single regulators supervising the banking, securities and insurance sectors.
China currently has the China Banking Regulatory Commission to oversee the banking sector, the China Securities Regulatory Commission to supervise the equityies markets and the China Insurance Regulatory Commission to regulate the insurance sector. "Should we change the existing method of regulation? We don't know. Is it the time now? We don't know," Wang said. "So let's take a cautious attitude and have a look first."
He said resistance from groups with vested interests was inevitable in any reform.
His office has been widely involved in drafting a plan to restructure China's ministerial-level departments.
However, the possible creation of mega-ministries in the energy, culture and finance sectors is not on the State Council's agenda.
If the restructuring package is approved by the top legislature, the State Council will cut its ministerial departments to 25 from 27, as it has acknowledged that the government focused too much on micromanagement.
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