No place for useless innovations
Print Edition
CHINA should resolve to reorganize redundant financial innovations that do not help to develop the sector and the real economy, senior financial regulatory officials have said.
Some financial inter-bank business and investment services should be rectified for the healthy growth of the country’s finance, Liu Shiyu, deputy governor of the People’s Bank of China, said at a forum held in Beijing that ended yesterday.
“Some of the financial innovations nowadays are actually avoiding regulation,” Liu said. “They don’t contribute to China’s adjustment of financial structure or improve productivity.”
He was backed by Wang Zhaoxing, vice chairman of the China Banking Regulatory Commission, who opposed financial services that are complicated and lack transparency.
These innovations, which are beyond proper monitoring, have done no good for the real economy and will lead to the collapse of China’s financial sector, Wang said.
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