China’s newly appointed banking regulator Guo Shuqing has lived up to his reputation of being a hardcore “reformist” in the first week on the job. Barely two days into his new position as chairman of the China Banking Regulatory Commission (CBRC), Guo has…
China’s newly appointed banking regulator Guo Shuqing has lived up to his reputation of being a hardcore “reformist” in the first week on the job. Barely two days into his new position as chairman of the China Banking Regulatory Commission (CBRC), Guo has promised to introduce a slew of reforms to revitalize China’s debt-ridden banking sector.
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Speaking at the first press conference since his appointment last week, Guo explained that extensive efforts would be made to clamp down on financial risks. “We will put the prevention of financial risks at a more prominent position to make sure there won’t be a systematic financial crisis,” he said.
The 60-year-old banker vowed to rein in shadow lending and also curb funds to discourage property speculations.
