China considers creating financial watchdog

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clpstaff

China is considering establishing a new 'super regulator' to oversee its financial and banking industries, in a bid to improve coordination in a sector…

China is considering establishing a new 'super regulator' to oversee its financial and banking industries, in a bid to improve coordination in a sector which has been increasingly plagued by political infighting. The establishing of such an institution is likely to be discussed at the Finance Work Committee meeting of senior PRC leaders (including Prime Minister Wen Jiabao and finance industry officials), which is likely to be held in November 2006, according to China's Ministry of Finance.

The last Finance Work Committee meeting in February 2002 laid the groundwork for major reforms of China's largest state banks, which involved the recapitalization of China's three biggest financial institutions prior to their listings overseas.

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