After the establishment of the State Council Securities Commission and China Securities Commission, their terms of reference gradually expanded with the development of the market. 1993110 In October, the State Council decided to entrust the pilot work of the futures market to the the State Council Securities Regulatory Commission, which will implement it. 1In March, 1995, the State Council officially approved the institutional setup plan of China Securities Regulatory Commission, and identified China Securities Regulatory Commission as the deputy ministerial-level institution directly under the State Council, which is the regulatory executive body of the State Council Securities Commission to supervise the securities and futures market in accordance with laws and regulations. 1In August, 1997, the State Council decided to put the Shanghai and Shenzhen stock exchanges under the supervision of the China Securities Regulatory Commission. At the same time, securities supervision offices of China Securities Regulatory Commission were established in Shanghai and Shenzhen. 1 1 in June, the central government held a national financial work conference, and decided to reform the national securities management system, straighten out the securities supervision system, exercise vertical leadership over local securities supervision departments, and put the securities operating institutions originally supervised by the People's Bank of China under the unified supervision of the China Securities Regulatory Commission.
1in April, 1998, according to the institutional reform plan of the State Council, it was decided to merge the the State Council Securities Commission and the China Securities Regulatory Commission to form a ministerial-level institution directly under the State Council. After these reforms, the functions of China Securities Regulatory Commission have been significantly strengthened, and a centralized and unified national securities supervision system has basically taken shape.
1In September, 1998, the State Council approved the Provisions on the Function Allocation, Internal Organization and Staffing of China Securities Regulatory Commission, which further clarified that China Securities Regulatory Commission is an institution directly under the State Council and the competent department of the national securities and futures market, and further strengthened and clarified the functions of China Securities Regulatory Commission. [ 1]