China's National Financial Regulatory Administration (NFRA) plans to collaborate with the General Administration of Financial Supervision to tighten supervision of the financial industry, focusing on addressing major financial risks and market order disruptions caused by 'key people' and 'key behaviors'. The NFRA aims to increase risk disposal and promote small and midsize banking institutions to optimize their structure, improve quality, and increase efficiency. Additionally, they plan to encourage insurance companies to return to their original function of protection and guide other institutions to adhere to their positioning.

China's Financial Reform Initiative