CBRC to take tough stance on risk control
Print Edition
CHINA’S top banking regulator will increase efforts to prevent and control risks in the banking sector.
The country’s banking sector’s risks are generally manageable but more measures should be taken to deal with risks brought by cross-market and cross-sector products and other emerging businesses, said a statement released after a work meeting of the China Banking Regulatory Commission.
The CBRC will promote inclusive finance to play a bigger role in backing economic growth and guide banks to trim unnecessary charges worth over 44 billion yuan (US$6.5 billion) for their customers.
New moves will be taken to guard against risks such as supervising closely highly risky institutions and strengthening internal management and risk control.
The CBRC will also introduce private investment in the banking sector and keep opening up the industry.
A total of 18 new or amended regulation frameworks are set to be rolled out this year, the statement said.
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