HONG KONG/NEW YORK : A new Chinese financial watchdog will help bridge regulatory gaps but analysts and investors say the agency will consolidate power at the top and could introduce more state and party intervention.
The creation of the NFRA"carries an intent to have better oversight of financial institutions and consumer protection, by ... bringing all financial activities under supervision," said Daniel Tu, founder of venture capital Active Creation Capital.
The new regulator will replace the banking and insurance sector watchdog and bring supervision of the industry into a body directly under the State Council, or cabinet. Under the changes, the central bank will focus on conducting monetary policy and macro-prudential supervision, while the NFRA will focus on micro-level activities, analysts at CITIC Securities said in a research note.
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