News Regulations31 Aug 2018

China:Insurance regulator emphasises reform and curbs on financial risks

31 Aug 2018

China's banking and insurance regulator has vowed to step up efforts in curbing financial risks and deepening reform and opening-up in the sectors.

China's economy has maintained steady growth with good momentum this year, yet new challenges remain given potential financial risks and existing illegal financial activities, according to a meeting of the CBIRC held on 29 August.

The Commission stressed that banking and insurance regulators should strengthen efforts in preventing Internet financial risks and unswervingly curb property bubbles, according to a report by the Xinhua news agency.

Since the beginning of the year, the CBIRC has enhanced its supervision over Internet financial risks, especially Internet loans. A total of 1,483 banks and insurance companies were fined CNY1.64bn ($240m) from January to July in 2018.

The Commission also highlighted the importance of strengthening financial services to better serve the real economy while constraining financial risks through deepening supply-side structural reform.

It was decided at the meeting to deepen reform and opening-up in the banking and insurance sectors and substantially widen market access.

Banks and insurance companies are encouraged to explore diversified and sustainable financial plans to provide financial services for countries along the Belt and Road, which is China's international economic outreach programme.

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