New Financial Regulator Will Fill Regulatory Gaps - Herald

The creation of a new financial regulator will help solve current problems in cross-supervision and fill regulatory gaps, according to the 21st Century Herald. The new framework announced at the Two Sessions, will optimise regulatory resources and be better placed to tackle systemic financial risks. Citing experts, the paper said the moves would provide better protection to investors and consumers, as well as standardise China's wealth management industry. Under the reforms, the People's Bank of China's dual-pillar framework of monetary policy and macro-control is also clearer, the paper said. The new watchdog, which will replace the existing banking regulator and absorb some responsibilities from the central bank and the securities regulator, will report directly to the State Council.