China’s banking regulator vows closer oversight, greater market access

BEIJING - The China Banking Regulatory Commission (CBRC) will step up supervision of sprawling financial markets, despite initial success in curbing credit-fuelled speculative activities, Chairman Guo Shuqing said at a press conference during the 19th National Congress of China’s Communist Party.

Caixin eported Gao as saying the regulator will restrict funding sources for home builders, while curbing off-balance-sheet debts incurred by local governments.

Guo identified risks associated with interbank lending and borrowing, wealth management products and off-balance-sheet assets are the focusses of regulatory crackdown because they may trigger widespread financial risks, or fuel bubbles in the property market. www.webershandwick.cn  (ATI).