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Why didn't the CSRC merge into the General Administration of Financial Supervision?
The CBRC and the CSRC belong to public institutions:

China Banking Regulatory Commission (hereinafter referred to as: China Banking Regulatory Commission or CBRC; ) was established on April 25th, 2003, and is a ministerial organization directly under the State Council. According to the authorization of the State Council, we shall uniformly supervise and manage banks, financial asset management companies, trust and investment companies and other deposit-taking financial institutions, and safeguard the lawful and steady operation of the banking industry.

China Securities Regulatory Commission is a ministerial-level institution directly under the State Council. According to laws, regulations and the State Council's authorization, it uniformly supervises and manages the national securities and futures market, maintains the order of the securities and futures market, and ensures its legal operation.

Institutions refer to social service organizations established by the government using state-owned assets to engage in education, science and technology, culture, health and other activities. Institutions accept the leadership of the government and are legal entities in the form of organizations or institutions.

Institutions are generally public welfare institutions established by the state, but they are not government agencies and are different from civil servants.

The obvious feature of public institutions is the ending of words such as center, conference, institute, station, team, hospital, agency, Taiwan, palace and museum, such as accounting center, health supervision office, judicial office, China Banking Regulatory Commission, China Insurance Regulatory Commission, quality supervision station and safety production supervision brigade.