BUSINESS Banking regulator vows to ferret out irregularities causing risks to financial system

BUSINESS

Banking regulator vows to ferret out irregularities causing risks to financial system

Global Times

18:56, March 31, 2021

Two people chat outside the headquarters of the China Banking and Insurance Regulatory Commission. (Photo: IC)

The Chinese authorities has vowed to crack down on corrupted acts that cause major financial system risks, while accelerating efforts to deal with market monopolies and prevent disorderly expansion of capital, domestic financial news site cs.com reported on Wednesday, citing the China Banking and Insurance Regulatory Commission.

The financial watchdog pledged that it will probe irregularities on the market and fix insufficient regulation that would lead to systemic risks.

The regulator will severely punish behaviors that disrupt supervision and normal market orders, or causing heavy losses to state-owned assets or aggravating financial system risks.

In addition, the commission will focus on dealing with anti-monopoly and prevention of disorderly expansion of capital, properly dispose major risks in the banking and insurance industry and strengthening protection of consumers' rights and interests, according to the report.

The authorities stepped up anti-corruption campaigns in the financial sector, ferreting out former chairman of China Huarong Asset Management Co Lai Xiaomin and former assistant president of China Great Wall Asset Management Co Sang Ziguo, among others, which effectively maintained financial safety and promoted healthy development of domestic banking and insurance sector, the report said.

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