sentences:  On 17 March 2018, the 13th National People's Congress announced a plan to overhaul China's financial regulatory system.The China Insurance Regulatory Commission (CIRC), and the banking regulator, the China Banking Regulatory Commission (CBRC), were merged into the China Banking and Insurance Regulatory Commission (CBIRC) with an aim to resolve problems such as unclear responsibilities and cross-regulation.The CBIRC was officially established on 8 April 2018.