China provides details on government departments reform, to abolish CBIRC | Forexlive

The new body will absorb the role of the CBIRC (China Banking and Insurance Regulatory Commission), with the country’s securities regulator set to become a government agency directly under the state council. Adding to that, they will also advance reform of central bank branches of the PBOC.

Besides that, China will also set up a national data bureau and says it will restructure the sci-tech ministry in order to reach self-reliance faster. The overall reform in the government departments will see China downsize staff of the central government by 5%.