The mainland securities regulator has announced the formation of its first regional branch, based in Guangzhou, in a bid to boost stock-market supervision.
The China Securities Regulatory Commission's (CSRC) regional branch network is modelled on the new organisational structure of the People's Bank of China, which was launched in November.
The aim is to consolidate the CSRC's power over the sector and to lessen interference by local authorities.
The development of the mainland's banking sector and capital markets has long been marred by a messy regulatory structure featuring a number of bodies.
After more than a year of preparation, the Guangzhou branch will take over the running of local offices in Fuzhou, Nanning and Xiamen, Xinhua said yesterday.
Liu Xingqiang, will head the new branch, which will have supervisory power over the region's securities and futures markets, listed firms, investment advisory institutions and all securities intermediaries including accountants and valuers, according to Xinhua Other regional CSRC branches will be set up in Tianjin, Shenyang, Shanghai, Jinan, Wuhan, Shenzhen, Chengdu and Xian, each supplementing CSRC's head office in Beijing.
