POLICY BRIEF - 23-1 Will China’s impending overhaul of its financial regulatory system

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POLICY BRIEF - 23-1 Will China’s impending overhaul of its financial regulatory system

14 Mar 2023

China’s benchmarks and their limitations Because of the massive size and complexity of China’s financial system, for matters of financial supervisory architecture, the most meaningful comparison points are the United States and the European Union (or euro area).18 For some aspects of the discussion on supervisory architecture, Japan and the United Kingdom can also provide useful points of referenc. [...] 18 As a consequence of the departure of the United Kingdom in 2020, the euro area represents the overwhelming majority of the financial sector in the EU by almost any measure. [...] This was the case, for example, with the replacement of the UK FSA with a twin peaks architecture, and with the replacement of national prudential supervision of banks with the SSM in the euro area, both decided in the early 2010s. [...] The United States adopted only incremental architectural changes following the so-called subprime crisis of 2007–08, mainly the elimination of the tainted Office of Thrift Supervision and the transfer of its role to the OCC. [...] The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States.
Pages
18
Published in
United States of America