China seeks to set up a national financial regulatory administration that shoulders supervisory responsibilities across the financial industry except the securities sector, according to a reform plan submitted to the National People's Congress on Tuesday.

To be placed directly under the State Council, China's Cabinet, the proposed administration is set to be established on the basis of the China Banking and Insurance Regulatory Commission, which will not be retained according to an institutional reform plan submitted by the State Council to the country's top legislature for deliberation.

Part of the duties of the People's Bank of China, the country's central bank — financial holding company supervision and financial consumer protection — is proposed to be transferred to the new administration. The duties of the China Securities Regulatory Commission regarding investor protection should also be transferred to the new body.

Also proposed is the adjustment of the CSRC from a public institution directly under the State Council into an agency directly under the State Council.

The National Development and Reform Commission's functions related to corporate bond issuance and review will also be transferred to the CSRC to strengthen the securities regulator's capacity for capital market regulation.

The plan also seeks to reform branches of the PBOC, abolishing regional branches of the central bank and setting up provincial branches in their place.