CBRC chair to lead new financial body

Guo Shuqing, chairman of the China Banking Regulatory Commission, has been named Party secretary of the to-be-formed China banking and insurance regulatory commission, the country's top banking regulator said in a post on its website on Thursday night.

The announcement was made after China's national legislature approved an institutional restructuring plan of the State Council, the cabinet, on March 17. According to the plan, the country's top banking and insurance regulators will be merged.

Guo said at the appointment meeting that the formation of the China banking and insurance regulatory commission "is of great significance in terms of promoting the construction of a modern financial regulatory framework, improving the ability to regulate banking and insurance activities, and waging a tough war on financial risks".