China uncovers problems in inspection of financial sector - Xinhua
Reuters
Published Feb 24, 2022 06:26AM ET
Updated Feb 24, 2022 07:33AM ET
BEIJING (Reuters) -Chinese anti-corruption inspectors from the ruling Communist Party have uncovered a number of weaknesses in the financial sector in a two-month investigation, Xinhua news agency said on Thursday.
China's top anti-graft watchdog has concluded an inspection of 25 institutions including the central bank, the banking and insurance regulator, stock exchanges, commercial banks and asset-management companies, in the country's first coordinated inspection of the sector since 2015.
"Some lack political responsibility in implementing the deployment of financial reform, and the promotion of some reform tasks is not strong enough," Xinhua quoted the Central Commission for Discipline Inspection (CCDI), as saying.
It called for swift steps to tackle the problems.
The anti-graft body found problems with using regulatory power for personal gain at the banking and insurance regulator, and called for tighter oversight of key officials.
Last year, China executed Lai Xiaomin, the former head of the embattled China Huarong Asset Management Co, after he was found guilty of taking 1.79 billion yuan ($282.83 million) of bribes.
In response to the inspection, central bank head Yi Gang pledged to step up efforts to support the real economy, prevent financial risks and speed up the building of a modern central bank system.
($1 = 6.3290 Chinese yuan renminbi)
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.