China Frames ‘One Province, One Policy’ Plan for Financial Risk

(Bloomberg) — China’s regulator wants provinces to come up with their own plans to handle financial risks, according to a report, about a month after officials pledged to set up a mechanism to resolve local debt issues.

The country should make a greater effort in financial risk management but the policies need to be tailored, avoiding a one-size-fits-all approach, the Xinhua News Agency cited Li Yunze, head of the national financial regulatory administration, as saying in an interview. Provinces have to devise their own policies on how to handle risks, according to the report.