China stepping up banking oversight to reduce financial risks

Beijing

CHINA will step up oversight in the banking sector this year to reduce financial risks, the country's banking regulator said, stressing that long-term efforts would be needed to control banking sector chaos.

The China Banking Regulatory Commission (CBRC) said in a statement on Saturday that its priorities included increasing supervision over shadow banking and Interbank activities. "Banking shareholder management, corporate governance and risk control mechanisms are still relatively weak, and root causes creating market chaos have not fundamentally changed," the CBRC said.