Caixin View: New Financial Conglomerate Supervision A Needed Fix To Lax Enforcement
The Chinese government’s plan to roll out new rules and set up a new regulatory structure later this year will likely fix the long-standing problem of weak supervision of powerful financial conglomerates, a welcome move.
Weak enforcement, rather than insufficient rules, has historically been the main problem with regulating these companies. To address the problem, the government will make the People’s Bank of China (PBOC) the sole regulator of financial holding companies and conglomerates to ensure strict enforcement of the new rules, Caixin has learned.
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