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China vows stricter banking regulation to rein in risks

Xinhua, April 7, 2017 Adjust font size:

China's top banking regulator on Friday vowed to strengthen supervision and punishment over irregularities in the sector to enhance risk control and improve financial services for the country's real economy.

Wang Zhaodi, head of the on-site inspection bureau of the China Banking Regulatory Commission (CBRC), told a press briefing that the regulator would focus on irregularities this year, including those in equities, outbound investment, financial businesses and illegal financial activities.

"The CBRC will demand all banks make self-examinations and self-correction that would cover all the personnel, products and businesses in the banking system," said Yang Jiacai, assistant to the CBRC chairman at the briefing.

"The non-stop emergence of new financial products and businesses in recent years has given rise to irregularities in the banking sector," said Yang, who promised strict supervision and punishment to ensure regulatory effectiveness.

In the first quarter of this year, the CBRC imposed administrative penalties on 485 cases with fines totalling 190 million yuan (about 27.54 million U.S. dollars).

A total of 197 people were held accountable for banking irregularities in the three month period, of which 19 were disqualified for executive positions and 11 suspended from positions in banking, according to the CBRC.

In a guideline released Friday, the CBRC said banks and financial institutions should continue differentiated credit policies on the property market to promote the long-term and steady development of the real estate market.

The regulator also called on banks to support national development strategies, satisfy financial demand of key sectors and boost the development of consumer finance. Endi