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CBRC is to push forward joint regulation to contain financial risks

By Leng Cheng | March 2, 2017, Thursday | Online Edition

CHINA'S banking regulator vows to crack down on the country's shadow banking, and will work on a unified regulation with other financial authorities to better supervise wealth management products, Guo Shuqing, the new chairman of the China Banking Regulatory Commission said today.

"Because banks, trust firms, fund management companies, brokerages and insurers all have asset-management business but there are different regulators and regulations reining on them, there has been some chaos,” Guo said when he made his debut as the chairman of CBRC during a media conference in Beijing.

Guo noted that CBRC is studying on a set of joint regulation for asset-management products, in a bid to set a basic standard for each institution, while each regulator, including the country's insurance regulator and securities regulator, could set higher standards based on conditions.

"We hope to improve transparency and expose the financing hidden in the shadows,” Guo said.

Guo denied earlier market speculation that he would lead a unified super-regulator. However he said that a joint movement made by the CBRC, the central bank, and the securities and insurance regulators to curb risks of the country’s shadow-banking sector is one of the major tasks at present.

The 60-year-old Guo was official appointed the head of CBRC yesterday after leaving the post of governor at Shandong Province.

Liu Shiyu, head of China Securities Regulatory Commission, and Xiang Junbo, top of China Insurance Regulatory Commission, both held media conference with crews in Beijing last week, sending out signals of tightening up measures on market misbehaviors.

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