China inaugurates National Financial Regulatory Administration

China’s National Financial Regulatory Administration (NFRA) was inaugurated  on Thursday in Beijing, taking the place of the China Banking and Insurance Regulatory Commission(CBIRC) after five years in operation, an important step for China’s new round of institutional reform in the field of financial supervision.

Vice-Premier He Lifeng, central bank governor Yi Gang, China Securities Regulatory Commission Chairman Yi Huiman, and the Party chief of the new financial regulator, Li Yunze, attended the opening ceremony.

“We will do our utmost to tackle three major tasks – serving the real economy, managing financial risks and deepening financial reform,” Li said at the body’s inauguration ceremony. Li added that the NFRA would be resolute in its duty to avoid systemic risks.

The official website of the administration was also launched this morning.

The NFRA is a new government body under the State Council tasked with consolidating supervision over China’s 400 trillion yuan banking and insurance industry. It will replace the CBIRC and absorb some supervisory functions from the central bank and the securities regulator.

Li, the new top financial regulatory official, is a banking veteran who held key positions in state-own banks for 20-odd years before moving into politics in 2018 as vice governor of Sichuan province. Previously, the 52-year-old worked at China Construction Bank for more than two decades before moving to Industrial and Commercial Bank of China as vice president in July 2016.

Li said at the ceremony that the government will comprehensively strengthen financial organizations’ institutional supervision, behavioral supervision and functional supervision, providing strong support and strong guarantee for building a new development pattern and promoting the country’s high-quality development. 

In accordance with the law, the NFRA will bring all types of financial activities under supervision and strive to eliminate regulatory gaps and blind spots, actively creating a good financial legal environment and safeguarding the legitimate rights and interests of the people, in a bid to ensure the country’s financial security, Li noted.

时隔5年，北京金融街15号再次迎来全新标牌。

5月18日，国家金融监督管理总局在北京正式挂牌，标志着新组建的国家金融监督管理总局正式运行。至此，中国银行保险监督管理委员会正式告别历史舞台。随着“一行两会”时代落幕，我国金融监管体系正式迈入“一行一总局一会”新格局。

值得注意的是，5月17日晚间，“中国银保监会”官方微信公众号更名为“国家金融监督管理总局”。与此同时，“国家金融监督管理总局”官方网站也正式启用。中国银行保险监督管理委员会的官方网站更名为国家金融监督管理总局。

今天上午9点50分左右，国家金融监督管理总局揭牌仪式正式开始，国家金融监督管理总局党委书记李云泽致辞，国务院副总理何立峰，国务院副秘书长丁学东，中央金融办分管金融工作副主任王江，人民银行行长易纲，人民银行党委书记郭树清，证监会主席易会满，外汇局局长潘功胜，中央金融办筹备组办公室、国务院研究室等有关同志出席揭牌仪式。整个揭牌仪式于10点03分结束。

在揭牌仪式上，李云泽发表了任职国家金融监督管理总局党委书记以来的首次发言。他明确提出，将全面落实服务实体经济、管控金融风险、深化金融改革三大任务，依法将各类金融活动全部纳入监管，努力消除监管空白和盲区，大力推进央地监管协同，牢牢守住不发生系统性金融风险底线。积极营造良好的金融法治环境，坚决维护人民群众的合法权益，筑牢守卫国家金融安全的“钢铁长城”。

在上任国家金融监督管理总局党委书记前，李云泽为四川省委常委，省政府副省长、党组副书记，是外界所称的中国各地“金融副省长”之一。从其履历可以看出，李云泽长期工作于银行系统，在担任四川省副省长期间还负责组建四川省级银行。

根据今年3月发布的国务院机构改革方案，国家金融监督管理总局在中国银保监会基础上组建。统一负责除证券业之外的金融业监管，强化机构监管、行为监管、功能监管、穿透式监管、持续监管，统筹负责金融消费者权益保护，加强风险管理和防范处置，依法查处违法违规行为，作为国务院直属机构。

市场分析认为，国家金融监督管理总局将统筹行使微观审慎监管和行为监管的职能，与海外国家“双峰监管”模式相似。面对风险事件可解决监管空白等问题，守住不发生系统性金融风险的底线，为中国金融事业承担起相应的使命和责任。