Financial industry reform pledged
By Hu Xiaocen |
April 7, 2012, Saturday
|
Print Edition
Print Edition
CHINA will deepen its reform of the financial industry and seal closer cooperation with international institutions, the central bank said yesterday.
The People's Bank of China was responding to a report by the International Monetary Fund which said that China's banking system has made "significant improvements" in risk measurement and management.
The central bank values some of the advice given in the report on further improving China's financial system, the PBOC said on its website.
The "activist, forward-looking" China Banking Regulatory Commission has led the progress, which is supported by requirements for high-quality capital and liquidity, said the report by a staff team of the IMF and the World Bank released on Thursday. However, it also cautioned about the challenges facing the Chinese regulator.
"As further opening up and innovation occurs, and China's banks expand, complexity and risks will increase," the report warned. "The CBRC and banks must evolve quickly in the short term to be ready to meet those challenges. The framework of laws and guidance is generally of high quality, but much of it is relatively recent."
The report also had advice on the personnel issue. "Regulators should also seek more experience and expertise to manage risks and will need continued support from the government," the IMF-WB report said.
Henry Chang, head of treasury at OCBC Bank China, made similar comments, suggesting that the country needs more financial professionals. "China needs to develop and manage the talent pool, because it is a necessary preparation for the industry to face a more complex, more dynamic, and riskier environment," he said.
The National Development and Reform Commission and the Shanghai government published a plan earlier this year aiming to hike the number of financial professionals in the city by 30.6 percent to 320,000 by 2020 from 245,000 in 2010.
The People's Bank of China was responding to a report by the International Monetary Fund which said that China's banking system has made "significant improvements" in risk measurement and management.
The central bank values some of the advice given in the report on further improving China's financial system, the PBOC said on its website.
The "activist, forward-looking" China Banking Regulatory Commission has led the progress, which is supported by requirements for high-quality capital and liquidity, said the report by a staff team of the IMF and the World Bank released on Thursday. However, it also cautioned about the challenges facing the Chinese regulator.
"As further opening up and innovation occurs, and China's banks expand, complexity and risks will increase," the report warned. "The CBRC and banks must evolve quickly in the short term to be ready to meet those challenges. The framework of laws and guidance is generally of high quality, but much of it is relatively recent."
The report also had advice on the personnel issue. "Regulators should also seek more experience and expertise to manage risks and will need continued support from the government," the IMF-WB report said.
Henry Chang, head of treasury at OCBC Bank China, made similar comments, suggesting that the country needs more financial professionals. "China needs to develop and manage the talent pool, because it is a necessary preparation for the industry to face a more complex, more dynamic, and riskier environment," he said.
The National Development and Reform Commission and the Shanghai government published a plan earlier this year aiming to hike the number of financial professionals in the city by 30.6 percent to 320,000 by 2020 from 245,000 in 2010.
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