National Financial Regulatory Administration

The National Financial Regulatory Administration (NFRA) is a regulatory agency, under the State Council of the People's Republic of China. It is responsible for overseeing the financial sector (including banking and insurance) in China, except securities.

National Financial Regulatory Administration

国家金融监督管理总局
National Emblem of China
Headquarters
Agency overview
Formed	March 10, 2023 (2023-03-10)
Preceding agency	China Banking and Insurance Regulatory Commission
Jurisdiction	People's Republic of China
Headquarters	Beijing
Agency executive	Li Yunze, Director
Parent agency	State Council
Website	www.nfra.gov.cn

History

The NFRA was established on 10 March 2023 to replace the China Banking and Insurance Regulatory Commission (CBIRC) as part of the plan on reforming Party and state institutions, also taking over some roles from the People's Bank of China (PBC) and the China Securities Regulatory Commission (CSRC). On May 10, 2023, Li Yunze was appointed as the Chinese Communist Party committee secretary of the NFRA.^[1] On May 19, 2023, Li was appointed as the director of the NFRA.^[2]

Responsibilities

The NFRA oversees regulatory supervision, including the enforcement of financial laws and regulations, of nearly all parts of the financial industry except securities, which are instead managed by the CSRC.^[3] In total, it oversees^{[as of?]} US$58 trillion of banking and insurance assets.^{[4][5][needs update]}

Structure

The NFRA has 27 departments, one more than the former CBIRC.^[6] It is planned to absorb around 1,600 county-level branches of the People's Bank of China; the PBC had 1,761 such branches at the end of 2021.^[7]

Leadership

Directors

Name	Chinese name	Took office	Left office	Ref.
Li Yunze	李云泽	19 May 2023		[citation needed]

See also

• Central Financial Commission
• List of financial regulatory authorities by jurisdiction