China to merge key regulators in overhaul

BEIJING: China unveiled plans on Tuesday for the biggest shakeup of government in at least a decade, including the merger of its banking and insurance regulators to better handle financial risks as leaders look to address concerns over a growing debt pile.

The sweeping changes were presented to the National People’s Congress two days after President Xi Jinping tightened his grip on power with the legislature’s approval of constitutional amendments abolishing presidential term limits and expanding the authority of the Communist Party over the country’s affairs.