Commonly known as "One Bank and Three Commissions" refers to the People's Bank of China, the Banking Regulatory Commission, the China Securities Regulatory Commission, and the China Insurance Regulatory Commission.

The People's Bank of China is the national financial administrative agency in charge of monetary policy and is mainly responsible for currency issuance, It formulates and implements monetary policies, finances financial institutions, supervises and manages domestic financial institutions, maintains financial market order and the stability of currency values, and acts as an agent for the custody of treasury funds. Its regulatory direction is relatively macro.

The CBRC was formerly the People's Bank of China. Part of the Bank, it became independent in November 2003. It is a ministerial-level public institution directly under the State Council. It is responsible for the unified supervision of banks, asset management companies, trust investment companies and other deposit-taking financial institutions. Its regulatory focus is mainly on the compliance of banking business. It focuses on the operational level and is relatively micro;

The regulatory functions of the China Banking Regulatory Commission, the China Securities Regulatory Commission and the China Insurance Regulatory Commission are relatively clear, and they respectively regulate the banking financial industry, insurance industry and related industries, as well as securities and futures.

Extended reading: How to buy insurance, which one is better, and step-by-step instructions to avoid these "pitfalls" of insurance