THE country’s financial regulators and central bank would not be part of the government’s plans to create several “super ministries” running dozens of agencies, a senior legislator said in a newspaper yesterday.

China’s parliament yesterday opened its annual session, which is due to pass a plan intended to streamline bureaucracy by creating big ministries overseeing industry, transport and other areas now covered by many often rival ministries.

Some local media reports have suggested the shake-up could also cover financial regulators, including the People’s Bank of China and the government watchdogs for banks, insurers and the stock market.

But Cheng Siwei, vice chairman of the Standing Committee of the National People’s Congress, told the 21st Century Business Herald that the finance sector was not part of the plan.

“There isn’t a super ministry or commission for finance, and there aren’t any abroad,” said Cheng, adding it would be “impossible” to merge the central bank, with its remit to set monetary policy, and the financial sector watchdogs.

But Cheng said it might be possible that in the future the bank oversight and finance and securities watchdogs came under a coordinating agency.

(SD-Agencies)