China vows continued crackdown on financial irregularities

Updated 2017-12-21 09:30:20 Xinhua

China will continue to crack down on irregular and illegal activities in the financial sector to forestall risks, said a statement issued Wednesday after the Central Economic Work Conference.

In the coming three years, China will seek to foster a "virtuous circle" between finance and the real economy, between finance and the property sector as well as one within the financial system, to serve the country's supply-side structural reform, according to the statement.

Prevention of financial risks is key for China to win what central authorities have called "the three tough battles," namely controlling risks, reducing poverty and tackling pollution.

While addressing risks in major areas, policymakers will also strengthen regulation of weak links, according to the statement.

China's rapidly expanding financial industry is being placed under greater regulatory scrutiny as authorities step up efforts to curb widespread malfeasance in the sector to guard against risks.

In 2017, regulators introduced broad efforts to clean up the banking, insurance and securities markets. Regulations on irregular financing activities in the property sector were also strengthened.

In the first ten months of this year, China's banking regulatory authorities imposed administrative penalties in 2,617 cases of irregularities in the industry, covering state-owned banks, joint-equity banks and city commercial banks.

Due to the strengthening regulations and China's steady economic growth, global ratings agency Moody's this month predicted a stable outlook for Chinese financial institutions through 2018.

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