China’s Financial Crackdown: What You Need to Know
After an eventful 2017 that saw the iron fist of China’s regulators batter a range of risky activities ranging from high-yield, low-protection insurance policies to cryptocurrency trading, all signs point to an even tougher year for the country’s financial sector this year as the government steps up its deleveraging campaign.
Guo Shuqing, chairman of the China Banking Regulatory Commission (CBRC), provided a taste of what’s in store in an interview with the official People’s Daily published on Jan. 17. Describing the authorities’ campaign to prevent and defuse major financial risks as a “tough battle,” Guo said the regulator’s tasks this year will be to lower debt levels in the corporate and household sectors, contain property bubbles and help local governments tackle their hidden liabilities. He also pledged tougher supervision of corporate governance and the shareholding structure of the country’s banks, after shortcomings in these areas were blamed for fostering shady activities and endangering financial stability.
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