China reveals head of merged insurance regulator

Chinese financial heavyweight Guo Shuqing has been appointed head of the country’s newly merged regulator for the banking and insurance sectors, Reuters reported citing an online article by Financial News, the official newspaper of the central bank.

Beijing has merged the China Banking Regulatory Commission (CBRC) and China Insurance Regulatory Commission (CIRC) following issues related to unclear responsibilities and cross-regulation. The Chinese government is strengthening the oversight of financial services to reduce risks in the banking system.

Guo, 61, who was appointed the head of CBRC a year ago and has implemented a flurry of new measures to tackle the banking industry’s most complex problems from shadow banking and regulatory arbitrage to hidden bad debt. Before joining CBRC Guo was governor in Shandong.

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