The Chinese government has appointed seven vice-chairmen for the newly merged banking and insurance regulator, according to a statement released by the country’s human resources ministry.
Guo Shuqing, the chairman of the China Banking and Insurance Regulatory Commission, will now be assisted by seven vice-chairmen, namely Wang Zhaoxing, Chen Wenhui, Huang Hong, Cao Yu, Zhou Liang, Zhu Shumin, and Liang Tao.
China has decided to merge its banking and insurance regulators to tighten oversight and curb financial risks.
The merger was considered as the biggest revamp of the country’s financial sector since 2003.
Among the mandates of the China Banking and Insurance Regulatory Commission is to improve corporate governance at institutions while boosting their risk management and internal controls.
It will guide banks and insurers to return to their core businesses and support the real economy.
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