'Super regulator' necessary for future development

As part of what international business partners call another "sweeping" change in China's economic management, the formerly separate regulatory bodies of the banking and insurance industries will be merged into one "super regulator".

People in the Chinese financial market expect the merging of the two regulators to happen quickly, faster than the redistribution of power and reorganization of offices in many other areas of the State administration.

This is partly because the government has recently exposed financial irregularities in the banking and insurance industries that have resulted in huge losses and heavy penalties.