Editor's note: As part of our special coverage on the 2023 Two Sessions, CGTN is launching a special series called Foresight 2023 to help you better understand the state of the Chinese economy. We talked to several chief economists of leading financial institutions to get their perceptions on the country's growth, trade, investment, and development prospects.

China will set up a national financial regulatory administration to boost oversight and spur institutional reforms. The decision was taken by the State Council during the first plenary session of the 14th National People's Congress. CGTN spoke to Zhu Haibin, chief China economist of J.P. Morgan, to understand how the new administrator will improve regulatory efficiency.

Read more:

Foresight 2023: Financial stability, economic security essential to maintain economic growth

Foresight 2023: China prepared to balance risk management, economic growth

Foresight 2023: China's foreign trade shows remarkable resilience, surpasses expectations

Foresight 2023: China to attract more FDI with clear opening-up messages

Foresight 2023: China to unveil more policies to boost property market

Foresight 2023: Consumption to drive China's economic growth