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Editorial: How China Can Prevent Systemic Risk

The banking regulator has recently announced its punishment for a number of banks involved in illicit practices in 2017, imposing record fines totaling more than 2 billion yuan ($308 million).

China Guangfa Bank, which was found to have fabricated loan guarantee documents in a high-profile bond default scandal, was fined 722 million yuan. However, other players involved in the 1.1 billion-yuan bond, including underwriter Guangdong Equity Exchange and an Alibaba Group-affiliated internet platform that sold the bond, have not been held responsible.

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