Official Warns Financial Holding Companies Are 'Blind Spot' in Regulation
China needs to speed up efforts to tighten regulation of financial holding companies and make it clear who will take responsibility for overseeing these entities, a central bank official said during the country's annual “Two Sessions” legislative meetings.
Many different types of institutions with the characteristics of financial holding companies have emerged in China, but they have been something of a blind spot for regulators, Jin Penghui, the head of the People’s Bank of China’s Shanghai branch, said during a meeting of the economics group of the China People’s Political Consultative Conference, the legislature's advisory body, on Tuesday.
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