China's introduction of a registration system for stock insurance is set to be discussed at the ongoing annual sessions of the top political advisory body and the top legislature.
The system, set to be introduced by China's top securities regulator, will replace the current system of administration.
Zhang Lianqi is a political advisor and also a partner at Ruihua Certified Public Accountants, he says this is a major move among financial reforms to be carried out this year.
He says, "speeding up the procedure on registration system reform is on top of the to-do list in 2015. This means China's securities regulator will shift its role from pre-regulation to post-supervision. And also, professional institutions like brokers, accountants, and lawyers will have to take on many more responsibilities."
A draft plan has been completed and has been sent to the State Council for review. If it goes ahead as planned, the new system will be tested and rolled out as early as June.
