China merges bank, insurance regulato...

China merges bank, insurance regulators to tackle risk

Mar 12, 2018 Read more: SFGate
BEIJING (AP) - China's government announced plans Tuesday to create a newly powerful regulator to oversee scandal-plagued banking and insurance industries as they try to reduce debt and financial risks. The move is in line with the ruling Communist Party's efforts to tighten control over state-owned entities that dominate industries including banking, telecoms and energy in an effort to make them more efficient and productive. The party's stated priorities this year include reducing financial risk following a run-up in corporate and local government borrowing that prompted global rating agencies to cut Beijing's government credit rating last year.

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