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China vows to push financial innovation, guard against risks

A senior Chinese banking official said Friday that the country would continue to encourage financial innovation while guarding against risks arising from it.

"In the context of putting more emphasis on warding off financial risks, we should continue to vigorously promote financial innovation to enhance the competitiveness of the economy, financial sector and banking industry," Wang Zhaoxing, vice chairman of China Banking Regulatory Commission (CBRC), said at a forum.

Wang said the CBRC would intensify monitoring and ensure that risks from financial innovation are kept under control.

Financial innovation should focus on supporting the real economy, fostering development of the green economy as well as making fund-raising easier for medium and small enterprises, Wang said.

He said the CBRC would strengthen coordination and information sharing with the insurance and securities regulators as well as the central bank to plug loopholes in regulation and curb financial risks.

Chen Yulu, vice governor of the central bank, also stressed risk control at the forum, saying the central bank would stick to the bottom line of no systemic financial crisis.


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