Chinese Premier Li Qiang has signed a decree of the State Council to unveil China’s decision to revise some administrative regulations and State Council decisions.

In March 2023, the Communist Party of China (CPC) Central Committee and the State Council jointly released a plan on reforming Party and state institutions. Implementing the plan, the State Council decided to revise some rules in one set of administrative regulations and two State Council decisions.

According to the decree, some regulations on constituent members of the Monetary Policy Committee of the People’s Bank of China are adjusted.

Under the revised rules of the Decision of the State Council on Implementing Access Administration of Bank Card Clearing Institutions, the definition of China Banking Regulatory Commission was changed to the National Administration of Financial Regulation.

The revised rules of the Decision on Implementing the Access Management of Financial Holding Companies specified that the approval and supervision authority of financial holding companies was changed from the People’s Bank of China to the National Administration of Financial Regulation.

The decree will take effect as of the date of promulgation.