BEIJING, March 13 (Xinhua) -- China will set up a banking and insurance regulatory commission, according to a plan submitted to the national legislature on Tuesday.

The commission is mainly responsible for supervising the banking and insurance industries, preventing and dissolving financial risks and protecting consumers' rights.

The China Banking Regulatory Commission and the China Insurance Regulatory Commission will be dismantled, according to the plan on institutional restructuring of the State Council, submitted to the first session of the 13th National People's Congress for deliberations.