China's New Watchdog to Tackle Shadow Banking, Property Bubbles
- Wealth-management products now exceed $4 trillion, CBRC says
- Guo hopes to ‘expose the financing hidden in the shadows’
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China’s banking regulator outlined wide-ranging efforts to rein in financial risks, including clamping down on shadow lending and curbing funding for property speculation.
Guo Shuqing, three days on the job as chairman of the China Banking Regulatory Commission, said he will coordinate with other financial authorities, including the central bank, to plug loopholes in regulations for cross-market financial products and update rules that no longer fit with banks’ current business and risk management.