BEIJING, Dec 3 (Reuters): A key Chinese financial regulator said on Sunday it would accelerate reform of small and midsize financial institutions as it steps up its oversight of the sector.
The National Financial Regulatory Administration (NFRA) will collaborate with the General Administration of Financial Supervision to tighten supervision of the financial industry other than the securities market, director Li Yunze said in an interview with state media Xinhua.
NFRA, the watchdog overseeing all aspects of China's $57 trillion financial sector, along with other departments will focus on dealing with "key people" and "key behaviours" that are causing major financial risks and undermining market order, including illegal third-party intermediaries, he said.
Li said the NFRA will also take advantage of current favourable opportunities to increase the promotion of risk disposal.
China to speed reform of smaller financial instts
FE Team | Published: December 03, 2023 22:33:23
China to speed reform of smaller financial instts
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