© 2019 by RsA Asia Tax Advisors

New agencies to be established by China State Council reform

March 13, 2018

A plan for reforming the institutional structure of the State Council has been submitted during the 13th National People’s Congress, with the purpose of creating a more efficient government structure with a focus on key areas as market supervision, public service and environmental protection.

The new reform plan will provide for a cabinet made by 26 ministries and commissions and the establishment of new agencies, among which the State Administration for Market Supervision and the China Banking and Insurance Regulatory Commission.

 

Set up of the State Administration for Market Supervision

 

The State Administration for Industry and Commerce (SAIC), the General Administration of Quality Supervision, Inspection and Quarantine (AQSIQ) and the China Food and Drug Administration (CFDA) will be dismantled by the reform and their functions will be transferred to the new State Administration for Market Supervision.

The new agency will be responsible for:

  • the market supervision and management, market entity registration ad the market order maintenance;

  • the supervision of the safety of industrial products, equipment and foods

  • the management of issues related to the examination of products, their testing, certification and accreditation

 

Set up of the Banking and Insurance Regulatory Commission

 

The previous China Banking Regulatory Commission and the China Insurance Regulatory Commission will be replaced by the new Banking and Insurance Regulatory Commission, which will supervise the banking and the insurance industries in order to provide a better protection of the consumers’ rights and to decrease risks related to financial activities.

 

The cabinet reshuffle is waiting for the approval and, if passed, will be the eighth reform in thirty years.

Please reload

Recent articles
Please reload