China is merging its banking and insurance regulators and creating a slew of ministries including a new agricultural and rural affairs ministry as part of the biggest government shake-up in years.
The long-awaited move to streamline and tighten oversight of the $42 trillion banking and insurance sectors comes as authorities seek more clout to crack down on riskier lending practices and reduce high corporate debt levels.
The revamp is also part of broader reforms by President Xi Jinping as the leadership of the ruling Communist Party is being resolutely placed at the heart of policy-making and Xi himself at the core of the party.
