(MENAFN- Asia Times)
China will continue to tighten regulations on the banking and finance industry, as well as strengthen risk control folllowing the 19th Communist Party Congress, said Guo Shuqing, head of the China Banking Regulatory Commission, reported by .
"This year, we focus on three main areas (to manage financial risks), including inter-bank activities, asset management and off-balance sheet business," said Guo.
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Guo also detailed why so much close attention is paid to such areas, explaining that they cover some prominent risks points. For example, shadow banking, cross finance, housing bubbles and local government debt.
So far, due to regulations, the interbank asset and liability scales have decreased by more than 2 trillion yuan. The growth of banks' asset management business has slowed, and so has the growth of entrusted loans, Guo added.
While approximately 58,000 employees in 28 national commercial banks were investigated by the regulator so far this year, Guo emphasized that regulators must continue to increase the intensity of regulatory compliance.
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