Published : 2025-04-28

On April 28, 2003, the China Banking Regulatory Commission (CBRC) was officially inaugurated.

The CBRC was part of the institutional reform of the State Council of China in 2003, against the backdrop of China's successful accession to the World Trade Organisation (WTO) in 2001.

In March 2003, the State Council's institutional reform plan was submitted to the National People's Congress for deliberation, marking the commencement of the fifth large-scale institutional reform since the Reform and Opening-up started.

The CBRC comprised a total of 15 departments and was responsible for the unified supervision and regulation of banks, financial asset management companies, trust investment companies, and other deposit-taking financial institutions, ensuring the legitimate and stable operation of the banking industry.

In 2018, the CBRC was dissolved and merged with the China Insurance Regulatory Commission (CIRC) to form the China Banking and Insurance Regulatory Commission (CBIRC).

By March 2023, the CBIRC was abolished, and the National Financial Regulatory Administration (NFRA) was established on its basis, responsible for unified supervision of the financial industry excluding the securities sector.