China's financial supervision system consists of four important parts -- the People's Bank of China, the China Securities Regulatory Commission, the China Insurance Regulatory Commission and the China Banking Regulatory Commission.

The PBoC was established in 1948 and began operating as the country's central bank in 1983. The other three institutions were created in 1992, 1998 and 2003 respectively. An Memorandum of Understanding on Division of Responsibilities and Cooperation marks the form of China's financial supervision system. The agreement was signed by the CSRC, CBRC and CIRC in 2004. China's PBoC was designated to make monetary policy, maintain financial security and provide financial services. The CSRC performs a unified regulatory function over the securities and futures market. That includes maintaining order in the securities and futures market and ensuring legal operations in the capital market. The CBRC formulates supervisory rules and regulations governing the banking sector while the CIRS supervises insurance companies and implements strategic plans for the sector.