摘要
The National Administration of Financial Regulation (NAFR), a new watchdog for the country's financial business, was launched on May 18. This agency replaces the China Banking and Insurance Regulatory Commission, which was established in 2018. It also takes over certain functions from the People's Bank of China (PBC), the central bank, including protecting consumers of financial services, as well as certain functions from the China Securities Regulatory Commission, including investor protection. The NAFR is in charge of regulating the entire financial industry except the securities sector. It is tasked with strengthening supervision over players in the financial industry and ensuring the supervision is penetrating and continuous.
