March 8 (ChainDD) The State Council of China has proposed the establishment of the State Financial Regulatory Administration in a motion submitted for deliberation on The State Council's institutional reform plan.

This department will be responsible for regulating the financial industry except the securities industry, strengthening institutional supervision, behavioral supervision, functional supervision, penetrating supervision and continuous supervision, taking overall responsibility for the protection of the rights and interests of financial consumers, strengthening risk management and prevention and treatment, and investigating and punishing illegal behaviors according to law.

This department will be directly under the State Council. Meanwhile, the State Financial Regulatory Administration will be formed on the basis of the China Banking and Insurance Regulatory Commission, which will not be retained.