Overview of the State Financial Supervision Administration

The State Financial Supervision Administration is a ministerial-level institution directly under People's Republic of China (PRC) and the State Council, which is responsible for the supervision of the financial industry except the securities industry and the protection of the rights and interests of financial consumers. On March 7, 2023, the proposal of the State Council's institutional reform plan proposed that the State Financial Supervision Administration should be established on the basis of the Bank of China Insurance Regulatory Commission, and the Bank of China Insurance Regulatory Commission should not be retained.

The main duties of the State Financial Supervision Administration are to strengthen institutional supervision, behavioral supervision, functional supervision, penetrating supervision and continuous supervision, strengthen risk management and prevention and disposal, and investigate and deal with violations of laws and regulations according to law. In addition, the daily supervision duties of the People's Bank of China on financial holding companies and other financial groups, the protection duties of financial consumers and the protection duties of the China Securities Regulatory Commission are also included in the national financial supervision and management.