The China Banking Regulatory Commission (CBRC) was established in 2003 to oversee and regulate the banking sector in China. Its primary responsibilities include ensuring the safety and soundness of banks, protecting depositors' interests, and promoting the stability of the financial system. The CBRC formulates policies, issues regulations, and conducts inspections to maintain compliance among banking institutions. In 2018, the CBRC was merged with the China Insurance Regulatory Commission to form the China Banking and Insurance Regulatory Commission (CBIRC). This reorganization aimed to enhance regulatory efficiency and address risks in both the banking and insurance sectors, reflecting the evolving landscape of China's financial industry.