Financial Supervision Will Become Stricter, China Banking Regulatory Commission Chairman Says
(Yicai Global) Oct. 19 -- Financial supervion will become increasingly stringent, and regulators will strictly enforce regulations, China Banking Regulatory Commsion Chairman Guo Shuqing said at the 19th Communt Party of China (CPC) National Congress.>
The banking sector strengthened supervion to guard against rks for the bank money management and inter-bank businesses th year, as they cover shadow banks, cross-industry finance, real estate bubbles, local government debt and other rky areas, Guo said. The funds (in the financial system) involved in these areas do not flow to the real economy, so strengthening supervion has a minimal impact on the real economy, he said.
The banking sector dealt with more than USD135.8 million (CNY900 billion) of non-performing assets in the first three quarters of th year, said Guo. It will strengthen the dposal of non-performing loans, curb the increase of invible debt and support overcapacity reductions and deleveraging, he said.
China must resolutely rest cross-market financial rks and further rectify banking market dorder, Guo said.