The new body will absorb the role of the CBIRC (China Banking and Insurance Regulatory Commission), with the country's securities regulator set to bec
The new body will absorb the role of the CBIRC (China Banking and Insurance Regulatory Commission), with the country’s securities regulator set to become a government agency directly under the state council. Adding to that, they will also advance reform of central bank branches of the PBOC.
Besides that, China will also set up a national data bureau and says it will restructure the sci-tech ministry in order to reach self-reliance faster. The overall reform in the government departments will see China downsize staff of the central government by 5%.
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