National Financial Regulatory Administration (China)

The National Financial Regulatory Administration (NFRA, occasionally also referred to as the National Administration of Financial Regulation or NAFR) is a financial regulatory body under the State Council of the People's Republic of China.

History
The NFRA was established on 10 March 2023 to replace the China Banking and Insurance Regulatory Commission (CBIRC), also taking over some roles from the People's Bank of China (PBC) and the China Securities Regulatory Commission (CSRC). On May 10, 2023, Li Yunze was appointed as the Chinese Communist Party committee secretary of the NFRA. On May 19, 2023, Li was appointed as the director of the NFRA.

Responsibilities
The NFRA oversees regulatory supervision, including the enforcement of financial laws and regulations, of nearly all parts of the financial industry except securities, which are instead managed by the CSRC. In total, it will oversee US$61 trillion of banking and insurance assets.

Structure
The NFRA has 27 departments, one more than the former CBIRC. It is planned to absorb around 1,600 county-level branches of the People's Bank of China; the PBC had 1,761 such branches at the end of 2021.