The State Financial Supervision Administration is an institution directly under the State Council, which is responsible for the supervision of the financial industry except the securities industry, strengthening institutional supervision, behavioral supervision, functional supervision, penetrating supervision and continuous supervision, coordinating the protection of financial consumers' rights and interests, strengthening risk management and preventive disposal, and investigating and punishing illegal acts according to law. In March, 2023, according to the reform plan of the Party and state institutions issued by the Central Committee of the Communist Party of China and the State Council, the State Administration of Financial Supervision was established on the basis of the Insurance Regulatory Commission of the Bank of China, which is directly affiliated to the State Council. China Banking Insurance Regulatory Commission will no longer be retained. The staff of the State Financial Supervision Administration shall be brought into the unified and standardized management of national civil servants, and the salary and treatment standards of national civil servants shall be implemented. On May 8, 2023, 18 became a new milestone in the development history of China's financial supervision system. In the morning, the State Administration of Financial Supervision (hereinafter referred to as "the State Financial Supervision Bureau") was officially unveiled, and the era of "double-peak supervision" with China characteristics is expected to begin. This also means that the Bank of China Insurance Regulatory Commission (formerly China Banking Regulatory Commission), which "accompanied" for more than five years, has become history.