BEIJING- China is planning to give a major shake up to the ministries to revamp its central government structure.
The biggest change is the merging of banking and insurance regulators to tune up the financial sector by reducing systemic risk. Several new ministries will also be created.
At the annual sitting of the National People's Congress (NPC), it was announced that Banking Regulatory Commission (CBRC) will be combined with the China Insurance Regulatory Commission (CIRC) to form a super regulator.
President Xi Jinping's top economic advisor, Liu He, said, "Deepening the reform of the party and state institutions is an inevitable requirement for strengthening the long-term governance of the party."