China Unveils New Financial Regulator Amid Post-Pandemic Priorities

Strengthening Financial Oversight in China

Beijing, July 8, 2024 - In a significant move aimed at strengthening financial oversight in China, the National Administration of Financial Regulation (NAFR) was officially launched on May 18, 2023. This marks a new era for financial regulation in China, as NAFR takes over responsibilities from its predecessor, the China Banking and Insurance Regulatory Commission (CBIRC).

Key Responsibilities

• Assuming consumer protection duties previously handled by other regulatory bodies
• Taking over responsibilities from CBIRC, marking a significant shift in financial oversight in China

This development is seen as a major step forward in China’s post-pandemic economic recovery efforts, with a focus on bolstering financial stability and investor confidence.