{"id":560546,"date":"2023-03-07T15:56:10","date_gmt":"2023-03-07T12:56:10","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/china-announces-plans-for-new-national-financial-regulator\/"},"modified":"2023-03-07T15:56:10","modified_gmt":"2023-03-07T12:56:10","slug":"china-announces-plans-for-new-national-financial-regulator","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/china-announces-plans-for-new-national-financial-regulator\/","title":{"rendered":"# China announces plans for new national financial regulator"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a41018364bab\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a41018364bab\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/china-announces-plans-for-new-national-financial-regulator\/#%E2%80%9D_China_announces_plans_for_new_national_financial_regulator_%E2%80%9C\" >&#8221; China announces plans for new national financial regulator  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_China_announces_plans_for_new_national_financial_regulator_%E2%80%9C\"><\/span>&#8221; China announces plans for new national financial regulator  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDMvYWY5YzZkNTQtOGM4My00YWFjLTkzNmUtMjhkODgzNTY5Mjk5LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>The Chinese government has plans for a governmental overhaul, according to a new announcement. This includes introducing a new national financial regulator.<\/p>\n<p>On Tuesday, March 7, the government <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/world\/china\/china-set-up-new-financial-regulator-major-supervisory-overhaul-2023-03-07\/\">announced<\/a> that its current banking and insurance watchdog, the China Banking and Insurance Regulatory Commission (CBIRC), will be abolished. <\/p>\n<p>The responsibilities which previously belonged to this commission will be moved to a brand new administration, as will particular functions of the central bank and securities regulator. The legislature will vote on a plan for institutional reform on Friday, March 10. <\/p>\n<p>When in place, the new financial regulator will &#8220;strengthen institutional supervision, supervision of behaviors and supervision of functions,\u201d according to the plan.<\/p>\n<p>Currently, the financial industry in China is under the supervision of the People&#8217;s Bank of China (PBOC), the aforementioned CBIRC and the China Securities Regulatory Commission (CSRC). <\/p>\n<p>This announcement follows a call for reforms for party and state institutions in China from the country\u2019s president Xi Jinping. These reforms will also include a bureau for sharing and developing data resources, which will partly replace the duties of the current Office of the Central Cyberspace Affairs Commission.<\/p>\n<p><strong><em><u>Related: <\/u><\/em><\/strong><strong><em>Over 1,400 Chinese firms operating in blockchain industry, national whitepaper shows<\/em><\/strong><\/p>\n<p>Although the Chinese government announced new plans for its financial sector, there was no specific mention of reforms for the crypto industry. However, at the beginning of February, an ex-advisor to the PBOC called upon regulators in Beijing to reconsider its harsh ban on crypto.<\/p>\n<p>In 2021, China banned nearly all crypto transactions. Nonetheless, the government has been spending millions developing its own central bank digital currency (CBDC), the digital yuan. <\/p>\n<p>One of the most recent updates on the digital yuan development was that the digital currency got new smart contract functionality, along with new use cases, including buying securities and offline payments.<\/p>\n<p>On Feb. 8, China announced a new state-supported institution, the National Blockchain <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">Technology<\/a> Innovation Center, to speed up the country\u2019s industry via blockchain technology.\u00a0<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/china-announces-plans-for-new-national-financial-regulator\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; China announces plans for new national financial regulator &#8220; The Chinese government has plans for a governmental overhaul, according to a new announcement. This includes introducing a new national financial regulator. On Tuesday, March 7, the government announced that its current banking and insurance watchdog, the China Banking and Insurance Regulatory Commission (CBIRC), will&#8230;<\/p>\n","protected":false},"author":1,"featured_media":560547,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-03\/af9c6d54-8c83-4aac-936e-28d883569299.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[88323,4973,70610,70934],"class_list":["post-560546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-financial-systems","tag-china","tag-finance","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/560546","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=560546"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/560546\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/560547"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=560546"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=560546"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=560546"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}