Banking, insurance consolidation planned

China will merge the China Banking Regulatory Commission and the China Insurance Regulatory Commission to form a new organization that will more efficiently manage the two sectors, under a draft plan for State institutional reform released on Tuesday.

Led by the State Council, China's Cabinet, the new commission is designed to ensure the stable development of the two sectors while helping to prevent risks to the overall financial system.

The body is also expected to better protect the rights of financial consumers, according to the draft plan submitted during the ongoing 13th National People's Congress.