Industry insiders have welcomed a planned move to designate the China Securities Regulatory Commission as the sole regulator of the country's private equity and venture capital industry, as part of a major effort to standardize the sector.

The State Commission Office for Public Sector Reform, led by Premier Li Keqiang, is considering allowing the CSRC to regulate the PE and VC sector, the Securities Times reported on Tuesday.

The sector is now regulated by the CSRC and the National Development and Reform Commission, the country's top economic planning agency.