The China Banking Regulatory Commission (CBRC) was an agency of the

People's Republic of China China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...

(PRC) authorised by the

State Council State Council may refer to: Government * State Council of the Republic of Korea, the national cabinet of South Korea, headed by the President * State Council of the People's Republic of China, the national cabinet and chief administrative auth ...

to regulate the banking sector of the PRC except the territories of Hong Kong and Macau, both of which are special administrative regions. In response to their swelling debt loads, undercapitalization and non-transparent business practices, the government of China recapitalized the banks and set up the CBRC as the country's independent banking regulator in 2003.

Liu Mingkang Liu Mingkang () (born August 28, 1946 in Fuzhou, Fujian) is a former Chinese politician, public servant and economist from China. He graduated from the University of London in 1987. In 1988 he received an MBA from the Cass Business School. He se ...

was appointed its first chairman and served until 2011, when he was replaced by

Shang Fulin Shang Fulin (; November 13, 1951 - ) is a politician of the People's Republic of China. He served as president of the China Securities Regulatory Commission until October, 2011, when he was appointed to lead the China Banking Regulatory Commiss ...

. In 2017, Shang was replaced by Guo Shuqing as the new chairman. Active in developing policies to promote

financial inclusion Financial inclusion is defined as the availability and equality of opportunities to access financial services. It refers to a process by which individuals and businesses can access appropriate, affordable, and timely financial products and service ...

, the Bank is a member of the Alliance for Financial Inclusion. In April 2018, the China Banking Regulatory Commission was merged with the

China Insurance Regulatory Commission The China Insurance Regulatory Commission (CIRC) was an agency of China authorized by the State Council to regulate the Chinese insurance products and services market and maintain legal and stable operations of insurance industry. It was founded o ...

to form the

China Banking and Insurance Regulatory Commission The China Banking and Insurance Regulatory Commission (CBIRC) is an agency of the People's Republic of China China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's List of countries and depend ...

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* 2003 establishments in China Banking in China Financial regulatory authorities of China Government agencies established in 2003 Government agencies of China State Council of the People's Republic of China 2018 disestablishments in China {{PRChina-gov-stub

See also

References

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