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The reform of China's financial regulatory system, which is in a dilemma, has been finally settled after several arguments. As the market had expected the central bank to play a more important role in the new financial regulatory framework, the CBRC and CIRC duties merged to form the Bank Insurance Regulatory Commission, in order to win the battle and risk prevention mechanism with relatively little resistance balance.
An interview of the officials and scholars believe that the financial risk is not afford to lose a battle, the new institutional reform program is a progressive and conservative, with overlapping functions of the institutions, reflecting the large department system oriented, will help clarify the macro Prudential and regulatory boundaries, to reduce regulatory arbitrage.
"What conditions can better build a stable financial risk prevention framework, and what kind of regulatory system is appropriate." A local central bank told Reuters that from the decision-making level, the most important consideration now is how to effectively guard against financial risks. The situation is grim, but it is really a battle that cannot afford to lose.
He also pointed out that the simple mechanism combination effect uncertainty and interests is also very difficult to coordinate, so relatively speaking, the bancassurance merged, some functions transferred to the central bank, such a scheme of smaller resistance, is expected to better the micro and macro Prudential management together, is suitable for risk prevention work as before.

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